- Full-year sales decline 3% to GBP855m (US$1.13bn)
- Company debt cut by 58% thanks to The Famous Grouse divestment
Edrington has noted a fall in volumes for its “higher-value prestige expressions” in its most recent financial year, when sales dipped by 3% on the corresponding period 12 months earlier.
Earlier today (30 June), the privately-owned spirits group released its financial review for the year to the end of March, showing a top-line decline for the second year in a row after fiscal 2025’s 10% slide. The single-digit slip was primarily due to what Edrington described as a “negative product mix”.
A healthy rise in sales (albeit by an unspecified percentage) for the 12-year-old expression of flagship single malt The Macallan was highlighted, although the showing was offset by declines at the more expensive end of the company’s – and The Macallan’s – portfolio.
On The Macallan, Edrington elaborated: “The core range has continued to perform well with volume growth of 11% reflecting consumers coming into the brand both in existing and emerging markets. This was offset by a year‑on‑year decline of higher-value premium expressions.”
Elsewhere in the portfolio, single malt stablemate The Glenrothes was up by double digits in value terms, as Dominican Republic rum mark Brugal also delivered growth. Orkney’s Highland Park single malt, however, was “impacted by an increasingly competitive environment in its core markets”, resulting in an unspecified drop in sales by both value and volume.
Edrington was upbeat about the 12-month performance, highlighting a marked reduction – by 58% – of its debt levels, thanks to the divestment in July last year of The Famous Grouse blended scotch to rival William Grant & Sons.
“The spirits industry continues to face a combination of cyclical and structural pressures, principally the cost-of-living crisis, which has had a marked impact on consumer confidence and therefore discretionary spending,” said CEO Scott McCroskie. “However, we expect the forces that have driven the long-term trend for premiumisation to continue.
“The theme of a resilient overall performance driven by core products was consistent across most markets during the year, and industry data from IWSR confirms that The Macallan has gained market share globally and in key markets across Asia Pacific, the Americas, the UK and Europe.”
