CONTRACTS at home and overseas, coupled with a growing thirst for Scotch whisky and other spirits, helped fourth-generation whisky still-maker and fabrication group Forsyths chalk up record results last year.
Turnover at the independent Moray firm, which manufactures and supplies copper stills and distillation equipment for whisky and spirits production, increased to £58 million in the year to October 31, 2017, compared to £52m in the previous year. Group operating profit was £8.6m, up from £5.7m.
Rothes-based Forsyths, a recent recipient of the Queen’s Award for Enterprise in International Trade, reported a strong net asset position of £36.9m, an increase of over £7m.
Chairman Richard Forsyth said: “With both increased turnover and profit, Forsyths continue to do well in their distillation equipment division both at home and especially overseas.
“Contracts in the Americas, Caribbean and many in the Far East have borne well for the company, and this has been recognised when we received a Queen’s Award for Enterprise in International Trade in April.”
Mr Forsyth said the firm, which also produces equipment for the international oil and gas and nuclear industries, was considering opening an office in the Asia-Pacific region in response to demand for its services.
He added: “Our oil, gas and nuclear fabrication business looks set to increase in 2018/19 which will supplement an anticipated slow-down in the growth of the Scotch whisky industry distilleries.”
Rothes has been home to a copperworks business since the mid-1850s with the present chairman’s grandfather, Alexander Forsyth, purchasing the company in 1933.
In 2016, the firm restored and opened the Station Hotel in Rothes, creating a new “boutique” hotel which pays tribute to the group’s close connections with the spirits industry.
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