E-Malt.com News article: UK: Whisky producer Whyte & Mackay reports fall in 2024 profits

Whisky producer Whyte & Mackay has reported a fall in profits, with the export of single malt whisky “significantly down”, the Press and Journal reported on October 20.

Newly filed accounts for the firm show revenue fell to £349.2 million last year, down from £370m in 2023. Pre-tax profit slipped by more than £8m to £88.3m.

The group runs five north and north-east distilleries and employs over 600 workers across Scotland, including at Dalmore and Invergordon grain distillery.

It produces famous brands including Dalmore, Tamnavulin, Jura, Fettercairn, and blended whiskies under the Whyte & Mackay label.

A company spokesperson said: “After a period of sustained growth, Whyte & Mackay’s profit decreased in 2024 as a result of the challenging economic environment which led to a slowdown in the whisky category and in spirits and luxury goods more generally around the world.

“Across the industry, single malt Scotch whisky exports were significantly down on 2023.”

Despite the global downturn, Whyte & Mackay doubled capital spending to £51.2m during the year.

The investment funded upgrades at Dalmore, Jura, Invergordon, and Grangemouth bottling plant.

The Dalmore distillery in Alness remains closed to visitors while a major expansion and redevelopment project is underway.

“Work is nearing completion with a new world-class visitor experience and enhanced production facilities reflective of this iconic single malt whisky brand,” said the spokesperson.

The firm has completed its investment at the Earlsgate Distribution Centre in Falkirk, while a biomass plant at the Jura distillery is now in its commissioning stage.

“Notwithstanding the difficult trading environment Whyte and Mackay continue to invest for the future, with supply chain facilities and our sustainability programme key areas of focus,” said the spokesperson.

“The company is committed to research and development activities in order to secure its position as one of the market leaders in the production, marketing and distribution of Scotch whisky,” he said in his strategic report.

“This mainly manifests itself in the launch of new products but also extends to improving and optimising our production assets and processes.”

Inventory levels rose by over £45m last year, reflecting a strategic build-up of maturing whiskies stored across Scotland for future sales.

“Whyte and Mackay have a substantial inventory of aged stocks which mature over periods of up to 60 years,” said Mr Donaghey.

“As at 31 December 2024 the historical cost of this stock amounted to £405,160,000 (2023: £359,499,000).”

Whyte & Mackay’s workforce grew to 626 employees in 2024, up from 586 the year before.



20 October, 2025