Distilling Recent Corporate Disclosures Pt.2
Commercial Spirits Intelligence No.103
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.
Insights from recent annual corporate disclosures
We continue 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 3 companies this week including Ian Macleod, Burnobennie and Midfearn.
Due to the disclosure rules in the UK, the smaller companies only have to disclose a balance sheet – which has limited the insights from those companies. However, we have included them for the purpose of covering both the large and the small companies and giving a more complete picture of what is happening. Obviously, due to the lag in reporting time, this is a backward looking exercise – but can still give us insights and show relative performance that inform future decisions.