Simpsons Malt Limited publishes 2025 financial results
Simpsons Malt Limited has published its financial results for 2025, reporting an underlying profit before exceptional items and tax of £5.6 million (2024: £9.5 million) from a turnover of £205.0 million (2024: £264.1 million).
The reported result for the fifth-generation, family-owned business showed a statutory loss before tax of £1.3 million. This followed exceptional costs of £6.9 million during the financial year, comprising restructuring costs (£863,000) and a non-cash impairment relating to the company’s proposed Rothes maltings development in Moray (£6.0 million). The exceptional costs reflect the significant challenges faced across the UK malting and distilling sectors and a reassessment of asset values.
During 2025, whisky production experienced a sharp decline as distillers responded to a third consecutive year of declining whisky exports by value and a 4.3% decline in export volume compared with 2024. This resulted in significantly lower malt sales volumes and profitability across the malting sector.
In response to these market challenges, the company undertook a restructuring programme to reduce operating costs and align the business with lower levels of demand. This action, together with ongoing cost management, has provided a strong platform for the malting division’s prospects to remain positive.
Agricultural merchanting division, McCreath Simpson & Prentice (MSP), delivered a profitable performance. Grain and feed sales continued to be impacted by lower whisky production, while fertiliser experienced sales growth and other crop inputs performed broadly in line with the previous year. The diversity of MSP's products and services, together with its role in supporting the company's malting barley supply chain, leaves the division well-positioned despite pressures facing the wider agricultural sector.
Speaking about the financial results for 2025, Simpsons Malt Limited Managing Director, Tim McCreath, said: “The challenges facing the global spirits market during 2025 were significant and had a direct impact on demand across the UK malting sector. Against this backdrop, the group remained resilient and delivered an underlying profit of £5.6 million.
“The difficult market conditions required us to make several changes during the year to ensure our business remains aligned with customer demand and well-positioned for the future. These actions, together with a non-cash impairment relating to our proposed Rothes maltings development, impacted our reported result and led to a statutory loss before tax.
“The Rothes project remains a long-term opportunity for the business. However, we currently believe it is appropriate to take a cautious approach while retaining the option to progress the development when market conditions support further investment.”
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