Profits boost for Morrison Bowmore
By Peter Ranscombe
GROWTH in single malt sales helped distiller Morrison Bowmore to post a double-digit rise in underlying profits as the Glasgow-based firm continued to plough cash into its brands.
Pre-tax profits before exceptional items rose by 11.2 per cent to £4.2 million during 2010, according to newly-filed accounts at Companies House.
The surplus was also boosted by the company's deal to supply whisky to Edinburgh-based liqueur-maker Drambuie, which relaunched its drink in 2009.
But bottom line profits fell by 12.3 per cent to £3.3m after the firm spent nearly £900,000 on the first phase of roof repairs at its Springburn bonded warehouses in Glasgow.
Morrison Bowmore, which is owned by Japanese firm Suntory, reported a 5.5 per cent rise in turnover to £41.5m as sales grew at its four single malt brands - Auchentoshan, Bowmore, Glen Garioch and McClellands.
No-one from the distiller was available to comment yesterday. But, writing in the directors' report, board secretary John Brown said: "The company had an excellent 12 months. The company strategy of focussing investment behind our single malts continued in 2010 and the benefits from this are shown in the increased profits."