Eden Mill toasts 2019 success
St Andrews-based spirits and beer producer Eden Mill has toasted a successful year as the company saw an increase in annual revenues as the company predicts further success in the new year.
The company saw total turnover increase by 48% to £8 million in the year to March, with the firm citing the expansion of its branded drinks portfolio as a contributing factor for the company’s success this year.
Eden Mill also saw operating profits hit £495,000, marking the firm’s return to a profit after posting a £250,000 loss in the year prior.
Sales also increased by 17% in the first half of the current financial year, putting the drinks company in line to achieve its 2020 turnover forecasts, The Scotsman reports.
Eden Mill intends to significantly expand its whisky production arms, with plans to open a new distillery before the end of 2020 and force revenues up further with pop-up retail opportunities.
The company pointed to a greater capacity for growth in gin and beer production as a reason for its success. This comes as the company integrated Cumbria-based Eden River Brewery in February. The deal more than doubled its prior production capacity.
Founder and co-owner Paul Miller said: “Gin sales are on the up and whisky is creating real long-term value for the business.
“Our strategy is based on innovation, experience and convenience as we develop new products, grow our visitor attractions and ensure we are targeting the right customers with the right products. We are especially pleased with sales of our ‘ready-to-drink’ range which has attracted a new audience to gin.
“To achieve our expansion goals, we are currently in talks with third parties and evaluating longer-term funding options to create the first carbon-neutral distillery and visitor centre.
“In addition, we are also looking to significantly expand our whisky production capability. The new distillery is on track to open at the end of 2020.”