The Signatory Vintage Scotch Whisky Company, owner of the Edradour distillery at Pitlochry, has increased pre-tax profits to £8.6 million from about £7m, accounts newly filed at Companies House show.
Turnover increased to £14.1m, from £11.8m, in the year ended March 31, as directors reported that the business was boosted by its 30th anniversary collection.
The company said this was the main contributor to gross revenues showing an increase of 53 per cent and gross margins an increase of 71%.
It also signalled plans for staff expansion at its refurbished Edradour distillery.
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The directors said they were delighted by the overall performance and satisfied with the subsidiary, but frustrated by Brexit uncertainty.
It said there will be a further modest rise to next year’s revenues as the anniversary stocks sell but that turnover and revenues would return to historic levels in 2020.
Above: Edradour distillery, Perthshire. Credit: Getty Images.
Group sales volumes, measured in litres of alcohol, were essentially flat, with a 10% growth in Signatory volumes offset by a 9.7% decline in Edradour volumes.
Edradour’s decline in sales was partly due to one-off sales in the previous year, stock shortages, the company said.
It added: “The directors are very confident in the long-term demand opportunities which exist for the Edradour franchise, both in existing markets and other significant markets where we are not currently represented.”
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The company said “going forward it is intended to train or recruit additional staff” to help move to double shifts.
Signatory said group that cash flow was “very strong”, but maturing spirit buying opportunities were “extremely limited”.
The firm also said in its Companies House statement: “Regarding Brexit, the directors are frustrated at the delays encountered with the political process, but maintain their view that no significant long-term disruption to the company’s operations is likely.”
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