Edrington released its financial results this week which show the company hit £1bn in core revenue for the first time.
The results, to year to 31 March 2023, reflect, say the company, a year of “outstanding growth and investment” with the company posting profit before tax of £387.7m, up 43% with core contribution rising by 25%, to £413.6m.
It was a year in which Edrington acquired a 50% stake in Grupo Estévez of Jerez, “securing a sustainable supply of the finest quality Sherry wines to season The Macallan’s signature oak casks” and in which it became majority shareholder in ultra-premium American Whiskey brand Wyoming Whiskey.
Edrington’s leading brand, The Macallan, continued to lead the Company’s performance, with high demand for premium products including The Macallan James Bond Collection, The Red Collection 77-year-old and The Macallan M series. The Glenrothes, Highland Park and Naked Malt all performed well across key markets, growing the value of sales ahead of the increase in volume.
The Famous Grouse also performed well in its core markets in northern and eastern Europe, with good recovery in Global Travel Retail and a strong performance in the UK.
Commenting on the results, Scott McCroskie, Chief Executive, said, “Our business has delivered another highly successful year, despite a range of external challenges. Revenue from our spirit brands passed £1 billion for the first time and core contribution increased by 25% from last year’s record result.
“This strong trading performance has allowed us to invest industry-leading sums behind our brands, our people and our operations, as well as funding a substantial buyback of shares.
“The business delivered a strong performance in almost every country where our products are sold, with particularly strong sales in China, Hong Kong, Taiwan, the UK, Spain, the Dominican Republic and the USA.
“Whilst the economic landscape will continue to be challenging, the trading environment is improving. We have healthy brands, an effective strategy, record levels of investment in the business, great people and strong momentum. I am confident that Edrington is well-positioned to deliver sustainable success in the future.”
The results come at the same time as Edrington launches a new corporate brand identity inspired by its people, values and heritage. At the heart of the new identity is The Bond icon, a symbol that takes inspiration from its heritage branding and from the family crest of the company’s founders, the Robertson family.