Whisky giant Edrington Group in high spirits over 58% rise in profits
Edrington Group, the owner of The Macallan and Famous Grouse whisky brands, has seen its profits rise by 58% in the 12 months to March 2022.
The firm’s profits before tax came in at £271 million, while it benefitted from a 45% increase in core revenue to £821.2m and a 53% rise in core contribution. The results mark a return to Edrington’s pre-pandemic trend of continued underlying growth.
Edrington’s leading brand, The Macallan, led the business performance. The firm said that the accelerated development of direct-to-consumer sales was a significant driver of growth, particularly in Asia. The Macallan also delivered a number of new expressions including its oldest ever, The Macallan Reach.
The Malt Whiskies business unit (comprising The Glenrothes, Highland Park and Naked Malt) performed well across key markets, growing the value of sales ahead of the increase in volume. At the same time, The Famous Grouse performed well in its core markets in northern and eastern Europe, with strongest results in Sweden and the UK.
Scott McCroskie, chief executive, said: “Edrington has returned to the consistent growth trend we saw in the years before the pandemic, with robust performances across our core markets, particularly the USA, China and the Dominican Republic.
“Whilst the economic landscape will continue to present challenges, 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.”
Edrington has also announced today that it has committed to achieve Net Zero by 2045. The company is working with the Science Based Targets Initiative, the world’s first science-based corporate standard, to reduce its carbon emissions in line with a 1.5°C future.
Mr McCroskie added: “Our target of achieving Net Zero by 2045 is a significant increase on our previous commitment and it will touch every aspect of our business. I am proud of the progress we have made, but also clear that we have much more to do.”