DRAMBUIE saw a fall in turnover and profits in the financial year prior to its sales to William Grant & Sons, accounts have shown.
The whisky liqueur maker suggested that the declines were mainly the result of foreign exchange fluctuations coupled with continued spending on marketing.
Annual accounts filed at Companies House show turnover dropping 3.7 per cent from £22.23m to £21.4m in the 12 months to June 30, 2014.
A breakdown of sales shows the value being shipped to Europe slipped from £10m to £9.84m, the Americas was down from £9.3m to £8.8m and the rest of the world fell from £2.88m to £2.61m.
Underlying pre-tax profits fell almost seven per cent from £3.44m to £3.21m.
After taking off £771,000 of exceptional items the pre-tax profit came in at £2.44m.
The exceptional items included a £395,000 retention award for certain managers, £312,000 of fees relating to the potential sale of the business and £64,000 of payments relating to an onerous lease provision.
However writing in the accounts directors said with the impact of currency fluctuations stripped out underlying operating profit would have risen four per cent.
The said: "Focus has once again been kept on the key markets of the US, UK, global travel retail, Canada and Australia throughout this year and progress has been achieved in all markets.
"In addition further efforts have been made to develop Drambuie's presence in several emerging markets such as India and Vietnam.
"The directors will continue to invest significant resource and efforts behind this strategy in the forthcoming year with focus remaining on the US, UK and global travel retail."
The directors said they were hopeful of an uplift in sales in the current trading year from the launch of the premixed Drambuie Hot Apple Toddy into UK supermarkets as well as a new television advertising campaign in the US.
According to the accounts the interim dividend was maintained at £1.575m while the net funds position was relatively unchanged at £2.27m.
Staff costs rose from £2.4m to £2.6m with average staff numbers down by one to 20.
Directors' remuneration increased from £723,000 to £811,000 with the highest paid getting £333,000, up from £288,000.
The balance sheet showed stocks worth more than £12m, up £11.6m in the prior year.
The Drambuie drink is a blend of Scotch whisky, honey, heather, spices and herbs. The original recipe was said to have been passed to the MacKinnon clan by Bonnie Prince Charlie in the aftermath of the Jacobite defeat at Culloden in 1746.
The MacKinnon family sold Drambuie to William Grant & Sons, owner of the likes of The Balvenie, Glenfiddich and Hendrick's Gin, for an undisclosed sum in September last year.
The MacKinnon's had been looking at a sale since May of last year with industry commentators suggesting Drambuie could fetch around £100m.
According to the careers section of its website William Grant, which is also family owned, is recruiting a Drambuie brand ambassador based in New York in the US.
No one from William Grant was available to speak about the Drambuie accounts.
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