Welcome to our Annual Report for 2021.
While the heritage and history of Edrington extends back across two centuries, the company celebrated its 60th anniversary on 25 April 2021. That was a moment to reflect on what had been built over the last six decades, but also on the unprecedented challenges of the past year and the way in which everyone across the Edrington world has helped navigate our way through the most testing 12 months in our history.
At the time I wrote my introduction to last year’s Annual Report we had just finished our best year ever in 2019/20. The pandemic had started but we did not know the depth of the COVID-19 economic downturn, or its length. During the early days of the pandemic the outlook looked bleak for businesses around the world. Edrington was not immune to the seismic challenges with our on-trade and travel retail channels closed for much of the year in most markets around the world.
The business’s response to these unprecedented challenges has been outstanding. In just his second year as Chief Executive Officer, Scott McCroskie and his Executive Team had to make some of the hardest decisions that I suspect Edrington leaders have ever had to make. Prudent and tough decisions on cost and cash controls meant sacrifices by many within the business, our shareholders, and other stakeholders.
Colleagues around the globe demonstrated remarkable resilience and resourcefulness as they embraced new ways of working, many working from home for over a year. Our supply chain teams in our distilleries, warehouses, and bottling halls implemented industry-leading safe systems of working that have kept our ultra-premium spirits flowing to our markets.
As I look at how we finished financial year 2020/21, inevitably, our results have been significantly impacted by the pandemic. While no chairman is happy to see results drop, in the situation we found ourselves, I believe our performance is very creditable.
I would like to express my deep thanks to Scott, his leadership team and Edrington people worldwide for their hard work and the sacrifices they have made to finish the year as positively and strongly as could have been imagined in those early months.
Looking to the year ahead
Download the Chairman's Statement to read more...