William Grant & Sons has warned in its annual accounts of the potential damage to vital exports from tightening alcohol regulations.

Writing in the strategic report accompanying its accounts for the year to 31 December 2013, chairman Glenn Gordon stated: “The industry … remains concerned that the potential introduction of minimum pricing in Scotland could encourage other countries to follow suit.” He added excise duty increases had also resulted in lower growth rates.

Reported turnover rose by 5.2% to £1.12bn and pre-tax profit was up to £174m from £152.5m in 2012. Operating profit had dipped since hitting £132m in 2010, but was back up to £136m in 2013.