Old Pulteney and Caorunn boost Inver House FY sales
Scottish spirits producer Inver House Distillers has reported a sales increase of 7.4% in its 2018 fiscal year, bolstered by single malt Old Pulteney and Caorunn gin.
In the year to September 2018, Inver House Distillers, a subsidiary of International Beverage Holdings, reported turnover of £67.3 million (US$84.5m).
Gross profit was up 39% to £26.2m (US$32.9m), with “core brands making up a large percentage of sales”.
Operating profit grew 13.7% as a result of higher margins on single malt sales. Profit before tax grew 10.2% compared to the previous year.
Inver House’s single malt Scotch whisky brands – including Old Pulteney, Speyburn, anCnoc and Balblair – increased sales by more than 12%.
Flagship single malt Old Pulteney grew sales by 20%, while super-premium Scottish gin Caorunn reported double-digit gains.
Inver House has also invested £122m (US$153.4m) in stocks for future brand growth – an increase of 3.5%.
The company said it “remains focused on the long-term global success of its brands, especially its single malts, with sustained investment in stocks for future sales, marketing and promotion”.
Martin Leonard, managing director of Inver House Distillers, said: “With trading conditions challenging in many emerging markets, it was encouraging to see sales of our single malts grow significantly in the period.
“This is the result of having consistently invested in our people, in production at our distilleries, in the quality of our spirits and in their sales and promotion.
“We also now have the channels in place to grow our brands in markets around the world, so our focus is very much on rolling out some exciting plans and building further success in 2019 and beyond.”
In July last year, Inver House Distillers released a higher abv expression of Caorunn gin exclusively in travel retail – Caorunn Gin Master’s Cut.