Profits down by over a quarter but exports up at Gordon & MacPhail distillers
Profits are down at Speymalt Whisky Distributors, trading as Gordon & MacPhail, which reported a £7.5 million after tax profit in its latest filing for the year ended 28 February 2022.
Profits were down 31.9% from £11m the year prior, however, exports increased and the firm has pushed on with its second distillery, which opened its doors to visitors in October this year.
Supply chain disruptions affected the business and the weaker financial performance came as a result of increased distribution costs, an 27% increase in the cost of sales and a 19% increase in administration expenses affecting the bottom line, The Herald reports.
Managing director Ewen Mackintosh said: “The year ended 28 February 2022 delivered a strong performance, particularly in international markets, which has seen a significant up lift in sales with our brands continuing to have strong appeal.”
Mr Mackintosh added: “The success of our business is predicated on the contribution and commitment of so many people and businesses who support us not least of all the dedication of our tremendous workforce. On behalf of Gordon & MacPhail I’d like to thank my colleagues, our customers, suppliers and partners for their ongoing commitment and support.”