International premium spirits company Edrington reports a strong financial performance for the year ending 31 March 2022, posting a 45% increase in core revenue and a 53% rise in core contribution. The results mark a return to Edrington’s pre-pandemic trend of continued underlying growth.
CORPORATE SUMMARY (at constant currency)
*Figures stated before exceptional items
- Edrington’s leading brand, The Macallan, led the business performance. 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.
- Scotland’s favourite whisky The Famous Grouse performed well in its core markets in northern and eastern Europe, with strongest results in Sweden and the UK.
- Brugal, Edrington’s premium rum, continued to generate outstanding growth in its home market of the Dominican Republic and good performance in Spain, its leading international market. Its ultra-premium expression Brugal 1888 has doubled in size from pre-pandemic levels.
- Edrington formed a strategic partnership with Berry Bros. & Rudd, taking a significant minority stake in No.3 London Dry Gin.
Commenting on the results, 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.”
Notes to editors
Images and logos can be downloaded here.
Edrington’s vision is to give more by crafting exceptional ultra-premium spirit brands. The Macallan is our central focus, supported by Highland Park and The Glenrothes in the fast-growing single malt category and Naked Malt in the blended malt category. Our portfolio is completed with The Famous Grouse Blended Scotch Whisky, Noble Oak bourbon and Brugal premium rum from the Dominican Republic. Edrington also has strategic partnerships with No.3 London Dry Gin and Wyoming Whiskey in the American Whiskey category.
Edrington is headquartered in Scotland and employs over 3,000 people in its wholly-owned and joint venture companies, with over half employed overseas. We own our route to market in 16 countries and distribute our brands to more than 100 countries around the world through joint ventures and third-party agreements.
Edrington’s principal shareholder is The Robertson Trust, which has donated £322 million to charitable causes in Scotland since 1961. Our business is underpinned by the Edrington values of giving, respect, integrity and excellence.