The owners of Benromach Distillery have reported a rise in profits and sales, following a strong performance in international markets.
Gordon and MacPhail saw pre-tax profit climb by about 20% to £15.6m in the year to the end of February.
Total sales were up 4% to £41m, with overseas sales climbing 32%, to £14.2m. However, UK sales fell by 7% to £26.7m.
A spokesman for the company said: “The domestic fall was partly as a result of its decision last year to exit its wholesale operation for wine and beer in order to focus on premium spirits.
Gordon and MacPhail, which is owned by the Urquhart family, has been implementing a new growth strategy, which includes building a second distillery near Grantown-on-Spey, for which it recently secured planning permission.