MACDONALD & MUIR LIMITED

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

Forvis Mazars LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The financial statements are prepared on a going concern basis.”

Group structure

1. MACDONALD & MUIR LIMITED · parent
   1. The Glenmorangie Distillery Company Limited 100% · Scotland · Non trading

Significant events

• “The Company recently received a Platinum Award from Investors in People, recognising the significant investment in its workforce.”
• “Glenmorangie drove growth in France and market-share gains in the UK and Germany in 2024, by launching its new core-range expression, Glenmorangie Triple Cask Reserve.”
• “The Company invested significantly in advertising and promotion spend - including Glenmorangie's Once Upon a Time in Scotland campaign, starring Hollywood icon Harrison Ford, released in 2025.”
• “The brand released the limited edition Glenmorangie A Tale of Ice Cream. It is the fifth whisky in the single malt's 'A Tale of...' series, conceived to express its relentless imagination.”
• “Ardbeg continued to build its single malt's cult status by releasing a number of sought-after whiskies aimed at collectors. Tapping into the trends for Noughties nostalgia, the brand launched its vintage series Ardbeg Vintage_Y2K, created from some of the first spirit the Distillery produced in the year 2000.”
• “the iconic Ardbeg 17 Years Old was revived, delighting dedicated fans who had long lobbied for its return.”
• “To appeal to new audiences, the brand unveiled the second innovative release in its experimental collection, Ardbeg Anthology. The Unicorn's Tale is Ardbeg's first whisky matured in a marriage of Madeira wine and bourbon casks.”
• “In 2024, thousands attended circus-themed events globally, inspired by the "spectacle of flavours" found in the Ardbeg Day limited edition Ardbeg Spectacular, while 6,500 new members joined the fan club.”
• “Glenmorangie showcased Dr Bill Lumsden x Azuma Makoto 23 Years Old at a striking launch in London's prominent Saatchi Gallery.”
• “the brand shared 600 sought-after sets of its Pursuit of Passion Wine Cask Collection.”
• “the brand released an edition of 888 bottles to mark the Year of the Dragon.”
• “Ardbeg The Abyss promised to be particularly sought-after. Contained within just 400 bottles, The Abyss is created from the rare heart of a fan favourite, the original, limited-edition Ardbeg Corryvreckan.”
• “Glenmorangie won 39 medals classed gold or higher, with Ardbeg being awarded 32.”
• “Dr Bill Lumsden, the Company's Director of Distilling, Whisky Creation & Whisky Stocks, was recognised with an MBE for services to the Scotch whisky industry, in His Majesty The King's New Year Honours List.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

9

last 12 months

Capital events

0

last 24 months

Officers appointed

2

last 12 months

Officers resigned

2

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -34%

  £160,333,000 → £105,765,000

• Cash

  +14.8%

  £115,000 → £132,000

• Net assets

  +0.3%

  £330,861,000 → £331,856,000

• Employees

  -10.4%

  297 → 266

• Operating profit

  -85.3%

  £47,637,000 → £6,983,000

• Profit before tax

  -95.9%

  £44,625,000 → £1,837,000

• Wages

  +5.7%

  £17,751,000 → £18,766,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers