Family distiller Ian Macleod increases profit by 41%
One of the largest independent family companies in the UK spirits industry has announced a 41% increase in profits.
Broxburn-based Ian Macleod Distillers said profits after tax for the year to September 2010 reached £3.1m.
Turnover increased by 22% to £31.9m due to increased sales of case goods to domestic and export markets.
The group's flagship brand, Glengoyne Highland Single Malt, had a positive year with case sales increasing by 40%.
Export sales of Glengoyne account for the majority of the growth, particularly in travel retail sales and in the traditional Glengoyne markets of France, Germany and Scandinavia.
The group established a 100% owned Indian subsidiary during 2010, Ian Macleod Distillers India Private Limited.
The Norwegian spirits distribution company Cask Owners AS, in which the group took a 34% share during 2009, is now profitable with its trade growing throughout Scandinavia.
The company also secured financing of £1.7m from the Royal Bank of Scotland for new warehousing at Glengoyne Distillery, near Killearn, creating two jobs.
Managing director Leonard 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."
He added: "The creation of this distribution company is an excellent springboard from which to establish our brands in India."
The company, which was founded in 1933, now produces and sells more than 15 million bottles of spirits a year.
It employs 185 staff at three different sites across Scotland.