DIRECTORS' pay at family-owned distiller William Grant & Sons rose to £4.34 million last year, excluding pension contributions, representing a 19.2% increase on the year before.

The increase in boardroom remuneration, which saw the highest-paid director receive £1.81m, compared with £1.815m the year before, came as the Glenfiddich owner reported pre-tax profits of £152.5m for the year ended December 31, 2012.

The distiller, which posted pre-tax earnings of £146.6m in 2011, saw profits rise in spite of what it said were "continued challenges in the global economy".

In accounts newly available at Companies House, the directors report: "Unpredictability and volatility have increased and consumer confidence, particularly in Europe, continues to remain low.

"Despite these wider economic circumstances the group has continued to invest in its brands, production facilities, route to market infrastructure and people."

William Grant & Sons, whose brands also include Tullamore Dew Irish whiskey, Sailor Jerry spiced rum and Monkey Shoulder blended malt, approved and paid dividends of £8.35m during the year, compared with £4.08m in 2011.

The directors propose a final dividend of £6.26m.