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Whisky giant hit by falling European sales

Category: Scotland Business News — Gary Cain on September 21, 2012

Edinburgh-based whisky firm Drambuie has seen a widely varying sales performance in the last year, with the economic landscape in Europe being largely responsible.

Overall sales remained flat, with falling sales across Southern Europe being blamed for this. Most particularly, the firm has cited the sharp decline in its Greek market as undermining its 2011 performance.

It was not all bad news for the firm though, with other areas countering these falls.

Global sales increased by five per cent, for example. The launch of its new Drambuie 15 brand has proven very popular in domestic markets too. There was also a growth of the brand into emerging markets such as South East Asia, while India saw its first shipments of the liqueur arrive.

The potential from emerging markets is something many Scottish firms are eager to exploit.

As a result, investment through commercial finance in Scotland is eagerly sought. Many firms are also liquidating outstanding invoices through factoring and discounting to help.

For its part, Drambuie’s performance in the existing markets of Australia, Germany and Turkey was also strong. Its operating profit also rose by nine per cent when linked to constant exchange rates.

With Drambuie still in the midst of a major rebranding project, the results have largely been welcomed by the board. There is also an eagerness to take things further forward, with the firm’s chief executive Michael Kennedy saying:

“We look forward to another exciting year.”

Its results in the next year will be closely linked to the ongoing global economy though – something which many Scottish firms will be watching with interest over coming months.

'Disclaimer: The information contained in these articles is of a general nature and no assurance of accuracy can be given. It is not a substitute for specific professional advice in your own circumstances. No action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a consequence of the material can be accepted by the authors or the firm.

1 Comment »

  1. I would predict its sales in China will probably start to outweigh the fall in sales in Greece. I do hope the nation will start to pick up soon because they are doing little to contribute to the EU economy at the moment.

    Comment by Stephen — November 22, 2012 @ 3:49 pm

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