By Scott Wright
AN historic Scottish conglomerate with interests in tea plantations, farming, renewable energy, distilling, wine and property, has lifted profits and turnover in its most recent financial year.
The Wemyss Development Company, which was incorporated by the Wemyss family of Fife in 1897, made a pre-tax profit of £11.3 million in the year ended March 31, up from £9.5m, accounts newly filed at Companies House show. Profits at the Edinburgh-registered business rose as turnover climbed to £48.7m from £34.7m last time.
In their review of the year, directors say they are committed to investing in distribution and laying down stock for the whisky operation, which includes blending and bottling firm Wemyss Vintage Malts and the Kingsbarns Distillery in Fife. Bosses said that the “long-term demand for Scotch whisky will continue to remain strong”, but “acknowledge that international trade tariffs may have an impact on international trading” in the near term.
Elsewhere, positive progress was highlighted for Wemyss’ property and construction business, which completed work on a residential project in Edinburgh and began work on a further two projects, in Glasgow and in the Scottish capital. Directors flagged that its commercial property portfolio in Edinburgh and London “continues to operate at acceptable levels, but add that they are “mindful of the impact of Brexit.”
A profit was recorded for its farming operation in Australia. Sales of grain and livestock were at a “similar level” to last time, though avocado sales dipped 60%, due mainly to the “cyclical nature of avocado volumes”.
Wemyss’ tea operation in Kenya reported an 8% fall in sales amid challenging conditions caused by drought and a depressed market, though production increased. And its French vineyard suffered a “hard year” on the “another back of poor harvest”, attributed to drought and high humidity in the summer.
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