Loch Lomond Distillers Post Record Annual Turnover and Doubling of Profits
Loch Lomond Distillers have announced a record annual turnover. The last financial year exceeded £100 million turnover for the first time.
This is whilst doubling profits, employing more staff and jumps in turnover all over the world.
A Record Year
The latest accounts show the year preceding September 2022 to be a record breaking one for Loch Lomond Distillers.
A breakdown of the £101.9 million turnover includes:
- UK turnover – up to £48.7 million from £42.1 million
- Europe turnover – up to £17.7 million from £12.8 million
- Rest of the world turnover – up to £35.4 million from £29.9 million
It represents a 20% increase in turnover from the previous year of £84.8 million.
Not only that but pre-tax profits more than doubled from £2.1 million to £4.9 million within 12 months.
Loch Lomond Distillers commented on the results: “As much of the world emerged from the most acute impacts of the Covid-19 pandemic, demand for the company’s key spirits remained strong.
“However, in common with many drinks businesses, the company reports that many of the supply chain challenges persisted in 2022 and in a number of cases were compounded by the outbreak of the war in Ukraine.”
So, if the company is able to replicate this success in 2023 may be contingent on a number of external factors.
The History of Loch Lomond Distillers
Loch Lomond Distillers history dates back to 1772, where The Littlemill Distillery was founded in Bowling, West Dunbartonshire. The company unearthed documents to suggest Littlemill is the oldest whisky distillery in Scotland.
Two other brands owned by the company are its namesake, Loch Lomond Distillery, and Glen Scotia.
The original Loch Lomond Distillery was established in 1814. Whereas the Glen Scotia distillery was established in 1832.
All three brands are key aspects of the Loch Lomond Distillers profile and contribute to the reputation of the company as a producer of high quality single malt and blended whisky.
The company has posted only the second year of profits following an initial acquisition in 2014.
Then, by 2019, Hillhouse Capital Management completed the acquisition from the Bulloch family.
The report of record turnover swiftly follows news that Loch Lomond Distillers is the most awarded distillery at the San Francisco World Spirits Competition.
Records for the Whisky Industry
Loch Lomond is not the only whisky company setting new records on turnover and profits.
In recent years, plenty of companies, large and small, are posting incredible results.
- Ian MacLeod Distillers had a post-tax profit of £33.7 million.
- Whisky imports into South Korea increased by 80% in Q1 of 2023.
- Scotch whisky exports surpassed £6 billion for the first time in 2022.
It is safe to say that the whisky industry is rapidly growing.
Also, it will continue to grow with some international markets largely untapped.
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