Newly filed accounts for the Glasgow-based firm show that revenue fell to £349.2 million in 2024, down from £370.5m in the previous year.

Profit before tax also slipped by more than £8m to £88.3m, compared to £96.6m in 2023.

The company, which produces whisky brands such as The Dalmore, Jura, Fettercairn, and Tamnavulin, stated that its profit decrease was a result of a “challenging economic environment”. The strategic report noted that across the industry, single malt Scotch whisky exports were “significantly down on 2023”.

Despite the downturn, Whyte & Mackay more than doubled its capital expenditure on assets under construction to £51.2m. This investment has funded strategic developments and upgrades at its Dalmore, Jura, and Invergordon distilleries, as well as its bottling facilities in Grangemouth. The company, which employs an average of 626 people, is nearing completion on a new visitor experience and enhanced production facilities at The Dalmore distillery.

Looking ahead, director Bryan Donaghey confirmed the company’s focus remains on growing its single malt portfolio worldwide. In the strategic report, he stated: “The company is committed to research and development activities in order to secure its position as one of the market leaders in the production, marketing and distribution of Scotch whisky.

“This mainly manifests itself in the launch of new products but also extends to improving and optimising our production assets and processes.”