Whyte & Mackay has reported profits of £24.2 million in its first full year under the ownership of Emperador Distillers.
The Glasgow whisky maker’s annual accounts show that turnover reached £227.8 million last year and that it paid £92.4 million in excise duties. It had reported pre-tax profit of £6.2 million on turnover of £167.1 million in the nine-month period between April and the end of December 2014. It paid £67.2 million in excise for that period.
The directors said that the revenue increase for last year reflected strong growth in its core brands. Whyte & Mackay’s single malt whiskies include The Dalmore and Jura while its blends portfolio has the likes of Whyte & Mackay, Claymore and John Barr. It also makes Vladivar vodka and the Glayva liqueur.
The single malts were said to have done particularly well during the year, helped by investment in marketing. Single malts have been the fastest-growing category of Scotch in recent years in the UK and overseas.
The directors of Whyte & Mackay said that higher volumes going through its production assets, along with tight control on supply chain costs and overheads, had helped to boost profits.
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They said that the company was continuing to look at producing new brands as well as investing in research and development. They added: “The company will seek to continue to extend its global reach, focusing primarily on its Scotch business but also developing in other alcoholic beverage categories.”
The accounts show that average staff numbers were steady at 416, with employee costs increasing from £16.1 million to £21.9 million.
The pay and benefits of the highest paid director saw his emoluments drop from £646,000 to £616,000. There was no dividend paid during the year.
The balance sheet noted that the value of the company’s maturing whisky stock had risen from £136.6 million to £159.5 million.
The deficit in the Whyte & Mackay pension scheme was given as £4.9 million, with the company making a commitment to put in about £3.9 million this year.
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The accounts also state that a UK distribution partnership with Roust for Russian Standard vodka ended at the end of last year.
Emperador Distillers, which is based in the Philippines, is the world’s largest brandy producer and is controlled by Andrew Tan. It bought Whyte & Mackay in 2014 in a deal worth about £430 million.
Vijay Mallya’s United Spirits had to offload Whyte & Mackay, which it bought for £595 million in 2007, to satisfy competition concerns over Diageo buying into the Indian business.
Mr Tan is a Chinese-Filipino billionaire who runs the Alliance Global Group, a conglomerate with interests in property, spirits and fast-food franchising.
Whyte & Mackay, which can trace its roots back to 1844, remained in private hands until 1972. It has since been owned by several companies.