Macdonald & Muir toasts 60% rise in pre-tax profit to £46.9m
Macdonald & Muir, the owner of whisky brands Glenmorangie and Ardbeg, has posted a surge in pre-tax profit of almost 60%, reaching £46.9 million in 2022.
This rise is up from £29.5m the previous year. The company’s turnover also witnessed a notable increase of 47%, amounting to £148.7m, for the year ended 31 December 2022.
The boost in sales came from the domestic market, which rose by 56% to £20.3m, and exports, which climbed by 45% to £128.4m. Prominent export destinations included the United States and Germany. However, the company also experienced rapid growth in emerging markets like India and South Korea.
In 2022, Scotland’s whisky industry reported record year for exports – reaching £6.2 billion in global sales. This success is reflected in Macdonald & Muir’s records, which also highlight the sale of a cask of Ardbeg distilled in 1975 for a record £16m to an Asian investor.
Macdonald & Muir, which employs over 250 individuals, is a part of the luxury portfolio of Moet Hennessey Louis Vuitton (LVMH) – the French conglomerate that acquired the whisky producer in 2004 for £300m.
In terms of investments, Macdonald & Muir recently purchased The Islay Hotel in Port Ellen, with plans to transform it into a premier whisky and hospitality destination. To cater to the soaring demand for single malts, the company has expanded its bottling plant in Livingston. Additional warehousing facilities have been set up in the Highlands for ageing spirits.
Lastly, the firm’s financial statement revealed a 9.1% increase in the value of bulk whisky stocks, now valued at £246.7m.