Despite the fall in profitability, the company, which produces Tomintoul and Glencadam single malts, saw turnover rise by 3% to £63.7m. However, gross profit margins tightened to 31.7%, down from 35.6% in 2024, resulting in a 17% drop in operating profit to £10.97m. The directors noted that earnings before interest, tax, depreciation and amortisation (EBITDA) also fell from £14.4m to £12.3m.

The firm, overseen by the brother-and-sister team Aaron and Tania Hillman, highlighted several principal risks facing the business. These included a downturn in customer demand, inflation, cost of living issues, and ongoing conflicts in Ukraine and the Middle East. This performance mirrors a wider trend in the industry, with whisky giants such as Edrington and Whyte and Mackay also reporting distinct challenges.

Despite the difficult economic climate, the group continued to invest in its workforce, increasing staff numbers from 223 to 233, and expanding its operational footprint. In Scotland, the new visitor centre at the historic Glencadam Distillery opened in November, creating 12 jobs and offering tours, a whisky lounge, and a shop.

Internationally, the company achieved a significant milestone with its Chinese subsidiary. While the annual report noted the construction of the distillery in China was on target for completion by the end of 2025, the site in Chun’an, Zhejiang province, has now officially transitioned to production. Overlooking Thousand Island Lake, the 20-acre distillery recently celebrated the filling of its first cask. The site is designed to marry Scottish whisky-making traditions with local Jiangnan Huizhou architecture. A full visitor experience, featuring immersive production galleries and dining, is scheduled to open in mid-2026.