Speymalt Whisky Distributors – trading as Gordon & MacPhail – became the latest in the sector to report tough global trading conditions as it posted a fall in sales, down 18% to £28.2 million.
A £2 million insurance payout helped swell pre-tax profit for the year to the end of February to £6.8m (£4.3m in 2024).
This was helped by a stronger product mix, cost control, and a move away from lower margin wholesale activity.
The insurance payout related to stalled production at The Cairn during a cold snap.
Ending its UK wholesale business enabled the business to focus on higher-value branded sales in key export markets, though a 10% tariff on UK whisky exports to the US, introduced in April, dampened demand. Post-period trading has shown signs of improvement.
“This year we’ve seen great growth in South Korea and a resurgence in the USA, getting us to almost the highest levels we’ve ever had,” said chief executive Mark Geary in his first year in the role.
“There are bright spots, but it still remains a challenging market out there. We have to work a lot harder for every sale.”
The company achieved a major milestone with the launch of its 85-year-old Artistry in Oak, the oldest single malt ever bottled.
Of the 125 bottles produced, 124 sold within six weeks at £125,000 each. The final bottle is due to be auctioned for charity at Christie’s in New York this week.
Gordon & MacPhail remains owned by the third and fourth generations of the Urquhart family.
The company has completed a multi-million-pound warehouse expansion at Benromach Distillery in Forres, adding three new warehouses in the first phase of the project. It is also spending millions on refurbishing its historic home in Elgin into a new visitor centre.
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