Edrington sales climb double digits in fiscal 2024 - results data

The privately-owned group, which is not obliged to release its performance figures to the media, said in its financial review today that “particularly strong growth in the first six months of the year” (April to September 2023) was offset by the reduced consumer and customer confidence “that was experienced by the whole industry” in H2. While flagship single malt The Macallan was credited with an “excellent” showing across the year, the Highland Park and The Glenrothes brands were impacted by repositionings led by the withdrawal of “lower aged products” from their portfolios.

Edrington admitted that the combination of the two brand’s premiumisation strategy with the economic downturn had “intensified the impact of our planned reduction in volume”.

Elsewhere on Edrington’s roster, blended scotch The Famous Grouse “performed well” over the fiscal year, while the Brugal rum brand was “robust” in its sales growth levels. Specific numbers, however, were not disclosed.

“This year’s results continue a trend of strong growth, with Edrington increasing its core contribution by 87% over four years from 2019/20, despite doubling our brand investment in the same period,” said CEO Scott McCroskie. “This achievement reflects the success of our ultra-premium strategy, and especially of The Macallan.

“It is difficult to forecast confidently in an environment of significant economic and geopolitical volatility. Our sense is that tougher trading conditions will remain for this coming financial year.”

Just over a year ago, Edrington bought a 50% stake in Spain’s Bodegas Grupo Estévez to support the provision of casks for The Macallan.

Edrington’s official financial review