Annual Report 2023 - The Famous Grouse

Scotland's favourite Scotch Whisky has delivered another positive performance, continuing to build on the momentum generated in recent years. This is a significant achievement against a backdrop of dramatic cost inflation and a decline in the Blended Scotch category in its key markets.

The brand grew both revenue and profit overall, with growth coming not only from emerging markets but also from more mature markets where the brand already enjoys a leading position. We have been encouraged by the recovery rate of Travel Retail, particularly in Europe.

The Famous Grouse is now established as a premium brand within its category. We see the effect of this strategy particularly in the growth of our premium expressions, with Sherry Cask Finish being well-received by consumers and Smoky Black also performing well. This positive mix of premium positioning and product mix is funding investment to fuel long-term growth.

We have focused this year on working closely with colleagues around the world to align the look and feel of The Famous Grouse and we have seen a good consumer response to campaigns that focus on sociability, with the brand being enjoyed in quiet gatherings between friends. I am encouraged by evidence that The Famous Grouse is recruiting consumers not only from its core Blended Scotch category, but also from the more highly-performing categories of Irish and American Whiskey.

I was pleased to welcome Naked Malt into The Famous Grouse business unit this year. Naked's relationship with the World's 50 Best Bars is an excellent platform and the brand has been recognised as a top trending Scotch Whisky, which we will use to create the next wave of growth.