Managing director Stephen Bremner attributed the decline to a slowdown in consumer spending on whisky, driven by high interest rates and inflation, as well as an oversupply in the market.

While the Far East remains a key market, particularly Japan, Mr Bremner expects difficult trading conditions to persist into the next year. The distillery has focused on developing its core range and limited editions, with the Tomatin single malt brand making up a significant portion of turnover.

The company also saw increases in bulk whisky sales and visitor centre revenue, leading to a growth in staff numbers and associated costs.