Commercial Spirits Intelligence

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Commercial Spirits Intelligence
Distilling Recent Corporate Disclosures

Distilling Recent Corporate Disclosures

Commercial Spirits Intelligence No.96

Duncan McFadzean's avatar
Duncan McFadzean
May 22, 2025
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Commercial Spirits Intelligence
Distilling Recent Corporate Disclosures
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This newsletter is a collaboration between Duncan McFadzean of Noble & Co, and Martin Purvis. In this newsletter we leverage our experience, contacts and market intel to provide meaningful analysis that speaks to relevant issues for you.


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Insights from recent annual corporate disclosures

We wanted to take a different look at the Scotch whisky industry, analysing recently released annual report and accounts from several companies, as well as other corporate submissions. This gives us insights into how the market downturn is turning into cashflows but also how each company compares. Strategies towards balance sheet management, levels of profitability and even stock levels can all be discerned from these reports. We assess 10 companies this week including CVH, Elixir, Angus Dundee, Kilchoman, Halewood, Pernod Ricard UK, Cabrach, Dark Sky, Bimber and Ardgowan.

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