Glengoyne spurs Ian Macleod growth

UK spirits group Ian Macleod Distillers has recorded a 41% profit, buoyed by the growth of Glengoyne single malt whisky.

The company’s results, which tracks business for the year ending September 30 2010, were as follows:

·   Profit after tax increased 41% from £2.2m to £3.1m

·   Group turnover increased 22% from £26.5m to £31.9m

·   Case sales volume increased 20%

·   Glengoyne single malt revenue grew by 49% (in case sales)

·   Overall stock increased by £2.3m, taking total stock to £27m

Export sales of Glengoyne accounted for the majority of the growth, primarily in travel retail sales and traditional Glengoyne markets of France, Germany and Scandinavia.

According to the brand, 22% (£5.9m) turnover growth was due to increased sales of case goods to domestic and export markets.

Leonard Russell, managing director of Ian Macleod Distillers said: “We are ahead of our internal forecasts and are growing strongly relative to our peers in the industry.”

The group also established an Indian subsidiary in 2010, named Ian Macleod Distillers India.

Russell said: “India is a key growth market for us and this is an ideal time to establish a presence due to recent and expected changes in the customs and state specific excise duty rates.

“The creation of this distribution company is an excellent spring board from which to establish our brands in India.”