EDRINGTON Group has underlined the booming export growth in the Scotch whisky industry by posting a 13% rise in underlying profits.

However, economic woes in southern Europe forced it to take a near £275 million hit on the value of its rum brand Brugal.

The Glasgow company said it now makes 91% of all its sales outside the UK with brands such as The Famous Grouse benefiting from the creation of a dedicated African hub in the 12 months to March 31 this year.

Turnover at the Highland Park and The Macallan whiskies increased 6.3% from £556.1 million to a record £591.3m, driven by sales growth in the Americas and Asia, with underlying pre-tax profits rising from £148.8m to £168.6m. That allowed Edrington to increase its dividend per share by 13% from 30p to 34p.

However the one-off £274.8m non-cash impairment charge on the Dominican Republic-based rum business Brugal meant Edrington recorded a pre-tax loss of £106.2m.

Edrington bought a majority shareholding in Brugal during 2008 but said future cash flows are now less than were previously estimated due to the difficult economy in Spain, rum's main market.

Chief executive Ian Curle said: "The board has taken the decision to reduce the intangible value of the Brugal brand on the company's balance sheet.

"This action should be viewed in the context of Edrington's other brands performing strongly and the company's sustained outperformance of industry average growth."

Edrington, which also owns Snow Leopard vodka, highlighted plans to extend The Famous Grouse further into fast-growing emerging markets in 2014 and marked Angola, Nigeria, Croatia, Poland and Turkey as locations with strong potential.

Cutty Sark was said to have increased US sales for the first time in 23 years while The Macallan, thought to be the most valuable brand in the company's portfolio, has seen worldwide sales soar 40% in the past five years.

Last month Edrington said it planned to spend millions of pounds on setting up and expanding sales, marketing and distribution functions in markets including the US, Asia and the Middle East. Mr Curle said the business had performed well during the year.

He said: "In the face of challenging economic conditions in Southern Europe, our overall strength in both established and emerging markets has resulted in an increase in our turnover, profit and dividend.

"The market for premium spirits continues to thrive, which will provide further development and expansion opportunities for Edrington."

A number of boardroom changes were also announced with chairman Sir Ian Good planning to step down later this month after 44 years with the business.

He will be replaced in the role after Edrington's annual general meeting by former Cairn Energy chairman Norman Murray. Edrington non-executive Ronnie Bell becomes senior independent director.

Commercial director Scott McCroskie also formally joins the board, while drinks industry veteran David Richardson is becoming a non-executive director.

According to the annual report, directors' remuneration declined from £3.9m to £3.8m with the highest paid seeing their rewards down slightly from £1.34m to £1.294m.

Average employee numbers dropped from 2265 to 2250, but staff costs increased from £70.8m to £72.9m.

The annual report confirms the group completed a major refinancing in May this year, with The Edrington Group receiving a £225m revolving credit facility and subsidiary The 1887 Company a £310m one from a consortium of six banks.

Edrington's main shareholder, The Robertson Trust, said it had granted £15.3m to Scottish charities in the year, up from £14.7m in the prior period.