Bushmills profits soar as production is ramped up

The Old Bushmills Distillery saw profits soar by 30% last year as its turnover rose by £13 million to a record £56.2m for the 12 months ending December 31 2022.

That was £12.5m more than Bushmills’ last full year of trading before the pandemic.

It took The Old Bushmills Distillery Company’s profit before tax for 2022 to £10.34m, 30% higher than its 2021 performance.

Bushmills has been owned by Jose Cuervo since 2014, when the world’s biggest tequila producer bought the operation from Guinness-maker Diageo.

Jose Cuervo is controlled by the Mexico-based Beckmann family, which distributes its spirits globally via its Proximo arm.

The reporting period covered by the accounts include the final construction phase of Bushmills’ new £37m Causeway Distillery, which was officially unveiled in April 2023.

It took the total amount invested by Proximo in the Co Antrim distillery to £60m over the past five years.

The company’s directors said Bushmills had retained its position as one of the leaders in the Irish whiskey category during 2022, demonstrating “a good level of performance in its major markets despite the continued impact of the Covid-19 pandemic”.

The spirits company said its plans to continue its expansion into new markets and grow its brands.

The distillery also increased its staff last year to 124 people, 22 more than in 2021. Most of the new staff were on the production side.

It took staff costs to £7.1m for the year, around £1m more than in 2021.

Total shareholder funds for the company grew to £296m in 2022.

The Bushmills’ portfolio includes: Bushmills Original, Black Bush, Red Bush, Bushmills’ 10, 12, 16 and 21-year old single malts, as well as more exclusive releases as part of the Causeway Collection.