Angus Dundee Distillers experienced an almost £20 million drop in turnover last year, their annual accounts show.
And the drinks company, which produce single malt whisky Tomintoul and Brechin-made Glencadam, also recorded a 43% decline in pre-tax profit compared to 2023.
The company, which has numerous distilled drinks in its portfolio, still posted healthy profits to the end of June 2024 of £17.6 million — but this was down from £31m the year before.
Turnover for the firm was £61.8m, down from £81.6m to the end of June 2023.
The public limited company has a number of Chinese subsidiaries on its books, including Maltluxe Shanghai and LiYun Holdings.
Directors warned a drop in demand for alcohol, fraud, the wars in Ukraine and the Middle East and the energy crisis could all have a detrimental impact on trade.
This year marks the 200th anniversary of Glencadam, one of Scotland’s oldest distilleries.
£20m turnover drop
Angus Dundee Distillers are overseen by sister-brother team Tania and Aaran Hillman, who took over the company from their father Terence.
The company employs 223 people, it said, up from 203 the year before.
And employee costs increased by almost £500,000, they reported.
Last year the firm broke ground on its new state-of-the-art visitor centre in Brechin.
It hopes to open this summer, to coincide with Glencadam’s 200th birthday.
Glencadam handcrafts single malt Scotch whisky in a process that’s remained unchanged for nearly two centuries.
Both Glencadam and Tomintoul won numerous whisky awards in 2024, including gold medals in the International Wine & Spirits Competition.
And the firm is also building a new facility in China.
Construction work is underway, with the centre located in the Thousand Island Lake area, a popular tourist destination.
Spanning a site of more than 20 acres, the multi-million-pound distillery’s design aims to integrate with the surrounding hills and lakes and “embrace the aesthetics of the local Jiangnan Huizhou architectural style
Bob Dylan’s house
Angus Dundee Distillers ruffled feathers in Inverness-shire last summer, when it was announced the company owners changed the name of historic Aultmore House — which once belonged to Bob Dylan — to Tomintoul.
The company also applied for extensive alterations to the building, which was constructed between 1912 and 1914 as a summer holiday home for industrialist Archibald Merrilees.
They bought the property for £4.2million in September 2023.
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