A positive analyst's note on Highland Distillers has urged investors to buy shares in the company.
Analyst Martin Hawkins from Grieg Middleton says the company has done well to sacrifice strong revenue growth to fund a 20 per cent increase in marketing investment.
He says: "With a proven capability of establishing leading brand positions we see genuine long-term growth prospects for the company."
Overseas sales of Highland whiskies — including The Famous Grouse, Macallan and Highland Park — are doing better than in the UK.
Profits should grow by 16 per cent at current rates of foreign exchange, says Hawkins.
The Famous Grouse brand does very well in the US and Europe and therefore has little exposure to the problems of the Asian economies.
Highland increased its prices by 5.5 per cent in April last year, a move which helped restore UK profits lost in the previous year.
Last week Burn Stewart announced that it would be raising prices by 40 per cent in a bid to restore profitability.
In the meantime, other distillers have been keeping their counsel over whether they will be acting in a similar manner.