2 weeks Ago
The alcohol group behind Pat Cooney’s Boann Distillery has blamed “challenges” in the Irish whiskey market for a dip in sales. The Irish whiskey market is in the midst of a choppy period, with a Drinks Ireland report released earlier this year noting the export value of the category had declined by 14pc to €875m in 2023. The report blamed the more challenging export market conditions on factors including higher inflation levels, interest rates and weaker consumer spending.
Some distilleries are noting challenges in the whiskey market. Nacuana Holdings, which is behind Boann, Merrys Irish Cream Liqueur and whiskey brand The Whistler, recorded a turnover of €24.87m in the year to the end of June 2024.
The directors noted their “satisfaction” with the Merrys business, while adding there was an expectation Boann’s sales would increase in future “with the continuing development of customer relationships in export markets”. While group sales were only down 2pc on the previous financial period, the company blamed the fall on “challenges” in the Irish whiskey market. Despite the sales dip, Nacuana still recorded a pre-tax profit €4.
52m. However, the figure was down from €5.74m the previous year.
Speaking with the Irish Independent , Pat Cooney, co-owner of Nacuana, said the business remained confident about the future, with it actively exploring new export markets, including those in Asia and South America. “We are doing OK,” he said. “We are opening up in quite a few markets.
People want to emulate that Western style of living, and whiskey is one of those things that people aspire to.” Nacuana’s results showed export sales outside of Europe were performing well. The company recorded €20.
13m worth of sales outside of Europe last year, up from almost €17.1m. In Europe, sales fell to €2.
34m from €4.95m, and in Ireland sales dropped to €2.38m from €3.
3m. Mr Cooney also noted the potential for US president-elect Donald Trump to implement tariffs on Irish whiskey exports to the country. Mr Cooney added that Nacuana had recently completed a capital expenditure programme worth around €15m across the businesses.
This included an investment at its facility in Clonmel, Co Tipperary, and a new maturation warehouse for Boann. “We are gearing up for the future, really,” he said. In June, Drogheda-based Boann released its own range of pot still whiskeys worldwide, including Marsala, Madeira, and Pedro Ximénez releases.
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