AIRDRIE-based Inver House Distillers achieved a 19% hike in turnover to £62.9 million in 2010, although pre-tax profits rose only marginally from £9.57m to £9.61m as it invested in international marketing and distribution.
The Thai-owned company highlighted strong growth in global sales of its Old Pulteney single malt Scotch whisky. Sales of Old Pulteney, which is distilled at Wick in Caithness, were up 22% by volume and 34% by value in 2010.
Inver House said Old Pulteney had enjoyed “significant increases” in sales in 2010 in many target growth markets, including Russia and the US, as well as in more established channels such as duty free. The company added that Old Pulteney was now the number 11 single malt brand in terms of its volume of UK sales.
The success of Old Pulteney, together with growth of Inver House’s new batch-distilled, “super-premium” Caorunn gin, played a meaningful part in the hike in turnover to £62.9m in 2010, from £53m in 2009.
Operating profit at Inver House rose to £9.86m in 2010 from £9.8m in 2009, figures published yesterday by the company show. This followed a 23% hike in operating profits between 2008 and 2009, when turnover rose only 3%.
Inver House is a subsidiary of International Beverage Holdings, which was established in 2005 as the international arm of major south-east Asian alcoholic beverage company ThaiBev.
Graham Stevenson, managing director of Inver House, said: “Our turnover has shown healthy growth of 19% to £63m with the growth of our single malt brands and new Caorunn gin contributing to this. Both have performed ahead of expectations, showing excellent prospects for the future. In addition, we have enjoyed additional business in supplying products to our parent company, ThaiBev.
“At the pre-tax level our result is flat, reflecting our increased investment in the marketing and distribution of our brands in key international markets.
“We remain confident that this will prove highly beneficial in the long term.”
Singapore-listed ThaiBev is controlled by entrepreneur Charoen Sirivadhanabhakdi and his family, and its brands include Chang beer and Thai spirit Mekhong.
Inver House employs 174 people, with 167 of these staff in Scotland. Of the staff in Scotland, 119 are at Airdrie and the other employees work at the various distilleries.
As well as Old Pulteney and Caorunn gin, Inver House produces the anCnoc and Balblair single malts and blended whisky Hankey Bannister. It owns five distilleries across Scotland – Pulteney, Balblair, Speyburn, Knockdhu, and Balmenach.
Inver House noted that the recent growth of Old Pulteney coincided with the start of the brand’s biggest-ever sponsorship campaign. This is the “Old Pulteney Row to the Pole” – a world first expedition in which explorer Jock Wishart and his crew are attempting to row to the North Pole.
Commenting on the current trading backdrop, Mr Stevenson said: “I think the industry across the board is in pretty good shape at the moment. It is not without its worries, with the world economy and everything that is going on (but) by and large there are still good parts of the world...We are doing okay.”
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