Loch Lomond Distillers has reported a historic annual performance, surpassing the £100 million turnover mark for the first time in the previous fiscal year. This achievement coincided with a remarkable doubling of profits, an expansion in the workforce, and a significant upswing in turnover across global markets.
A Record-breaking Year
The latest financial reports reveal that the year leading up to September 2022 was exceptional for Loch Lomond Distillers. The breakdown of their £101.9 million turnover is as follows:
- UK turnover increased to £48.7 million from £42.1 million.
- European turnover rose to £17.7 million from £12.8 million.
- Turnover from the rest of the world reached £35.4 million, up from £29.9 million.
This represents a remarkable 20% increase in turnover compared to the previous year's £84.8 million. Furthermore, pre-tax profits more than doubled from £2.1 million to £4.9 million within a span of just 12 months.
Loch Lomond Distillers commented on these results, stating, "As much of the world emerged from the most acute impacts of the Covid-19 pandemic, demand for the company’s key spirits remained strong. However, in common with many drinks businesses, the company reports that many of the supply chain challenges persisted in 2022 and in a number of cases were compounded by the outbreak of the war in Ukraine." Therefore, the company's ability to replicate this success in 2023 may depend on various external factors.
A Historical Perspective on Loch Lomond Distillers
Loch Lomond Distillers has a rich history dating back to 1772 when The Littlemill Distillery was established in Bowling, West Dunbartonshire. The company's findings suggest that Littlemill is the oldest whisky distillery in Scotland. Additionally, the company owns two other brands: Loch Lomond Distillery, established in 1814, and Glen Scotia, founded in 1832. These three brands collectively contribute to the company's reputation as a producer of high-quality single malt and blended whisky.
The company has now posted its second year of profits following an initial acquisition in 2014. In 2019, Hillhouse Capital Management completed the acquisition from the Bulloch family. This record-breaking turnover report closely follows the news that Loch Lomond Distillers is the most awarded distillery at the San Francisco World Spirits Competition.
Record-breaking Trends in the Whisky Industry
Loch Lomond is not the only whisky company achieving record-breaking figures in terms of turnover and profits. In recent years, numerous companies, both large and small, have posted impressive results:
- Ian MacLeod Distillers reported a post-tax profit of £33.7 million.
- Whisky imports into South Korea surged by 80% in the first quarter of 2023.
- Scotch whisky exports exceeded £6 billion for the first time in 2022.
These trends indicate that the whisky industry is experiencing rapid growth, with potential for further expansion in untapped international markets.
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