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Whyte & Mackay continues steady financial progress

Published:  23 July, 2008

Figures released by The Companies House show the Glasgow-based distiller is moving further into the black.

The distiller, bought by Indian millionaire Vijay Mallya earlier this year for 595million, shows the company made a pre-tax loss of just under 2.2m in the year to 30 September 2006, on turnover of almost 161m.

The figures compare with a restated shortfall of 3.4m a year earlier on sales totalling 149m. The pre-tax loss also represents an improvement on the 4.8m deficit in 2004 and hefty losses of 13.7m in 2003.

At the operating level, profits increased from 11.6m in 2005 to 13.1m last year.

According to the latest accounts, exceptional costs amounted to nearly 8m during the year, including some 3m relating to the consolidation of two bottling sites.

The directors' report said: "The business has made progress in the year ... but until restructuring is completed, will not be in a position to achieve its full potential."

Mallya plans to increase capacity to help satisfy booming demand in India and other developing markets.