MACDUFF International (Scotch Whisky), the Glasgow-based blender and bottler, has reported a slight fall in profits in its last financial year, although margins were boosted by favourable exchange rates.

The company, founded by whisky veterans Charles Murray, Stewart MacDuff and Edward Thomson in 1992, made a profit before tax of £750,526 for the year ended April 30, new accounts at Companies House reveal. MacDuff had made nearly £850,000 before tax the year.

Profits fell at the bottler, which distributes its own brands such as the Grand MacNish and Islay Mist blends in overseas markets, as turnover grew to £11 million from £10.3m.

The company, whose ultimate owner is Copenhagen Fortuna Company A/S of Denmark, highlighted the benefits to margins from favourable exchange rates over the period. Scottish firms which export to major markets such as the US have seen their overseas earnings boosted in sterling terms because of the pound’s collapse since the Brexit vote in 2016.

Secretary David Sloan said: “The directors are pleased to report an increase in both turnover and operating profit. Margins improved over the past year as a result of an improved product mix, more favourable exchange rates and the benefit from investing in younger stocks in the past.”