Glencadam Distillery in high spirits as pre-tax profits soar to £17.5m
The Glencadam Distillery in Brechin has seen pre-tax profits soar to £17.5 million in 2020 despite the economic uncertainty caused by the coronavirus pandemic.
According to accounts filed by the distillery’s owner Angus Dundee Distillers, the pre-tax profits rose from the £12.4m recorded in 2019.
For the year to June 30 2020, the firms turnover increased to £59.8m from £48.1m the year before.
The firm’s gross profit margins also increased from 35.2% to 36.9% during the year due to the economies of scale as a result of the increased turnover.
As a result, earnings before interest, tax, depreciation and amortisation, increased from £13.2m to £18.3m.
In the strategic report submitted with the results, the firm said the big increase in turnover was mainly due to improved performance in the EU market.
The firm has also revealed that it is currently investing heavily in redeveloping the Glencadam Distillery site.
The visitor centre is to feature a whisky-tasting area, tour, restaurant and shop. Other work ongoing on the site currently includes the distillery offices being relocated in one of the old warehouses, The Courier reports.
Brian Megson, a director at Angus Dundee Distillers, said the distillery currently employs 17 people and the firm plans to add several more posts when the visitor centre opens.
He said: “It will be a nice attraction for the growing number of people interested in the story behind whisky and its long history. We have not had a visitor centre at Glencadam before and are keen to show the distillery to tourists from all over the world. It is all part of the marketing experience.”