THE Wemyss Development Company has suffered a hit in profits as the family-owned conglomerate took steps to invest in whisky stocks, upgrade renewable energy plant and set aside funds to maintain farming operations in Australia.

Fife-based Wemyss booked pre-tax profits of £3.77 million for the year ended March 31, down from £8.44m in 2014, accounts newly filed at Companies House show.

Turnover at the company, whose interests span property, construction, agriculture, renewable energy and wine and spirits, edged up to £32m from £31.7m.

That came as the cost of sales leapt to £18.5m from £15.5m the year before and administrative expenses to £8.7m from just under £6m in 2013, the accounts show.

The directors highlighted an "excellent year" for the property and construction division, which completed and sold a major housing development in Edinburgh over the period.

The company has planning consent for two sites in Edinburgh and Glasgow and is looking to add further commercial developments across central Scotland to its portfolio. The accounts note that it leases six properties in Edinburgh and London on a commercial basis and reveal the company has secured a £4m bank loan to acquire more.

Wemyss underscored its confidence in the future of Scotch whisky by investing in stock for its Wemyss malts division over the period - in spite of a recent exports slowdown.

The accounts also show it provided an additional £1.56m loan to the Wemyss Distillery and subsidiary The Kingsbarns Company of Distillers to complete the Kingsbarns Distillery in Fife before Christmas. It took its loans to the distillery to £2m.

Elsewhere, the hydro arm of Wemyss' renewable business had a "difficult year", with the directors stating that plant will have to be upgraded at a cost of £250,000.

"We also have consent for five more schemes for which grid connection contracts have been signed," the directors said. "The work, which will cost £460,000, will have to be complete by September 2016."

In agriculture, Wemyss reported progress at its avocado business and farming operations in Australia. It has set aside £750,000 to cover maintenance costs for the operation, which it expects to incur over a three-year spell. However, profits from its Kenyan tea plantations were less than before, as supply outstrips demand.