Distiller of the Year reports 2007 loss after export slide

Isle of Arran Distillers, 2007 Scottish Distiller of the Year, has reported an annual loss for that same year of £157,000. The Directors’ report show that this is due, in part, to an increase in interest charges of £48.000 following the company’s investment in new mill and warehousing facilities. They also faced a non-cash currency charge of £47,000 in converting a shareholders’ loan of £179,000 made in Japanese yen in 2006.

Brand sales in the American and Russian market fell, however. In Russia this is attributed to an issue with strip stamps. All bottles of wine and spirits imported to Russia mst carry a stamped label to enable the Russian authorities to track their movements. Both America and Russia are significant markets for singe malt whisky so the drop in sales there meant that the company was not able to meet its forecast sales target for the year.

Turnover. though, was up to £2,015,000 from £1,960,000 in 2006.