Down from £42.3m in 2022, the company attributes the drop to increased operating costs, foreign exchange fluctuations, and investments in key staff and visitor centres.

Rosebank Distillery, set to open to the public next month, is a major investment for the company, which acquired the distillery from Diageo in 2017 and has since spent millions restoring it. The company also highlighted progress on other projects, including a new distillery on Islay and a visitor centre at the Edinburgh Gin Arches site.

Despite the drop in profits, the company remains optimistic about future growth, citing strong global demand for Scotch whisky and the recent strength of the UK gin market. It also highlighted significant investments in operational assets and stock to support this growth, particularly in its Glengoyne and Tamdhu brands.

In addition, the company has expanded its presence in India and Taiwan, with a subsidiary in India focusing on bulk sales and bottled brand sales, and a Taiwanese subsidiary managing the sales and marketing of malt brands.