WILLIAM Grant & Sons, the Scotch whisky distiller, has lifted pre-tax profits by one per cent to £175.7 million, in spite of turnover sliding by nearly 17 per cent.
The Dufftown-based distiller reduced its distribution of third party brands to focus more on its premium spirits portfolio during 2014, with the strategy leading turnover to drop to £933.2m from £1.12 billion the year before.
Turnover from premium brands, which include The Balvenie and Glenfiddich single malts and Hendrick's gin, grew by nine per cent, the family-owned company said.
William Grant said profits after tax rose by four cent to a record £139.8m during the year.
And it noted that this performance had come against a background of "negative foreign exchange impacts" and a seven per cent decline in the value of Scotch whisky exports across the industry.
Chief executive Stella David said: "This success was driven by our constant focus on brand building and investing for the long term. The business and our brands are well positioned to continue their growth in 2015 and beyond."
The period saw William Grant complete its acquisition of Drambuie, the Scotch whisky liqueur brand. The deal severed the 268 year old link between former owners the Mackinnon family and a drink whose secret recipe is believed to have been created for Bonnie Prince Charlie.
William Grant said capital expenditure was maintained at record levels during the year and invested €35 in a new single malt distillery at Tullamore Dew in Ireland. The investment marked the return of distilling to the town after 60 years, and followed Grant's acquisition of the Irish whiskey brand from Dublin-based C&C Group in 2010.
The spirit for Tullamore Dew had been distilled near Cork.
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