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Home / Industry News / Edrington reports 43% rise in profits

Edrington reports 43% rise in profits

By Vintage-Acquisitions inIndustry News, Portal
Originally Posted by www.insider.co.uk

Edrington has reported a 43% rise in pre-tax profit to £387.7m, while achieving more than £1bn in core revenue for the first time.

The Glasgow-based whisky group said performance during the year showed “outstanding growth and investment”, with income from spirit brands rising by a quarter for the full year.

Edrington’s leading brand, The Macallan, continued to drive overall 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 also performed well across key markets, growing the value of sales ahead of the increase in volume

The group’s blended product, The Famous Grouse, also grew in its core markets in northern and eastern Europe, with good recovery in global travel retail and a strong performance in the UK.

Edrington’s premium rum, Brugal, generated “outstanding growth” in its home market of the Dominican Republic and in Spain, its leading international market.

During the year, the group acquired 50% stake in Grupo Estévez of Jerez, securing a sustainable supply of Sherry wines to season The Macallan’s oak casks.

Edrington also became majority shareholder in premium American whiskey brand Wyoming Whiskey.

Igor Boyadjian, managing director of The Macallan business unit, and Kengo Torii, representing Suntory Holdings, were both appointed to the Edrington board during the period.

Chief executive Scott McCroskie said: “Our business has delivered another highly successful year, despite a range of external challenges.

“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 US.

“Whilst the economic landscape will continue to be challenging, the trading environment is improving,“ he continued. “We have healthy brands, an effective strategy, record levels of investment in the business, great people and strong momentum.”

Edrington has this week launched a new corporate brand identity, led by The Bond icon, a symbol that takes inspiration from its heritage branding and from the family crest of founders, the Robertson family.

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