Nip in the air: Angus and Dundee Distillers blame Brexit for sharp profits decline
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Angus and Dundee Distillers, who own the Glencadam Distillery in Brechin and Tomintoul Distillery on Speyside, have blamed Brexit uncertainty for the company’s near £9 million decrease in turnover.
The distillers posted a turnover of £48.1m for the year ending June 30 2019, a drop of almost 16% on the previous year’s figure of £57m.
The company also saw profits before tax plummet from £16.1m last year, to £12.4m this year. At the same time, salaries and associated costs across the firm increased from £6.3m last year to £7.4m this year, whilst staff numbers increased vastly from 10 to 144.
In the company’s strategic report lodged with Companies House, director Tania Hillman said that Brexit uncertainty had “impacted turnover throughout the EU market”.
Ms Hillman added: “As a result, earning before interest, tax, depreciation and amortisation (EBITDA) decreased from £17.1m to £13.2m.”
However, Ms Hillman also revealed that much like many other UK businesses, the company has “performed a risk assessment exercise and implemented such actions as are considered necessary in order to mitigate against any associated risks with customers in the EU which may arise as a consequence of Brexit”.
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