Drambuie’s push into new markets helps to balance out Greek sales slide

By PETER RANSCOMBE
Published on 15/09/2012 00:00

RISING sales in new markets such as Australia, Germany and Turkey helped Drambuie to post a rise in revenues, despite the whisky liqueur maker being hit by the eurozone debt crisis in its key Greek market.

The Glasgow-based firm posted a 4.5 per cent rise turnover for the year to 30 June to £22.9 million thanks to price rises and the launch of its up-market Drambuie 15 product.

The new label, which is made using 15-year-old Speyside whiskies, also boosted airport sales, with turnover up 15 per cent alone at Dubai, the world’s biggest duty free outlet.

Sales growth in new markets helped to make up for a 27 per cent drop in turnover from Greece, traditionally an important market for the brand, and in the UK, where a lack of promotions in the supermarkets in the run-up to Christmas meant sales fell.

Pre-tax profits jumped by 61 per cent to £3.6m after the company – which is supplied with whisky by Glasgow-based Morrison Bowmore Distillers, maker of Auchentoshan, Bowmore and Glen Garioch – received a boost from foreign currency fluctuations. Stripping out the gain, underlying operating profits rose by a more-modest 9 per cent.

Chief executive Michael Kennedy said: “We have made good progress over the past few years as we rebuild the brand.

“The team expects to continue this progress in the forthcoming year, providing the current global turmoil does not further damage trading conditions across our key markets.”

Kennedy took over as chief executive following the death of Phil Parnell in June 2011.