'˜Solid' year for Moray whisky still-maker Forsyths

Whisky still-maker Forsyths has battled the downturn in the oil and gas sector to report a 'solid' set of full-year numbers.

Richard Forsyth said results were very good. Picture: Contributed

The Moray firm, which employs more than 300 people, manufactures and supplies iconic copper stills and distillation equipment to spirits companies around the world and also produces goods for the international oil and gas industry.

Although turnover fell to £38 million in the year to 31 October 2015, compared to £41m a year earlier, the group said it was able to increase its gross profit percentage from 23 per cent to 26 per cent through “close control of costs”.

A “healthy” operating profit of about £4.3m was in line with the year before.

Bosses said they were continuing to look for opportunities in the oil and gas industry, following on from reinvestment during the year and took the opportunity to review the carrying value of certain fixed assets resulting in an impairment of £1.8m.

Chairman Richard Forsyth said: “The results for the year have been very good despite the continued downturn in the oil and gas industry, which has had an impact on the business. This has largely been offset by a very strong performance on our distillation side.”