Edrington hits new high for full-year sales – results

Edrington has posted an upbeat set of figures for its latest fiscal year, boasting of becoming “a billion-pound company” for the first time.

The privately-owned group, which is not obliged to announce its results to the media, saw sales in the 12 months to the end of March rise by just over 20% on the corresponding period a year earlier. The performance represents a continuation of the recovery from fiscal 2021 when the pandemic resulted in a dip in sales.

In associated commentary, CFO Paul Hyde flagged an "ongoing focus on the faster-growing ultra-premium [spirits] category", where flagship single malt The Macallan delivered growth in all regions, most notably in north Asia and in the global travel retail channel. Elsewhere, The Famous Grouse was credited with having done well in northern and eastern Europe despite what CEO Scott McCroskie conceded has been a "difficult blended Scotch category" of late.

Also of note in today's announcement was an ongoing repositioning for single malts Highland Park and The Glenrothes, both of which are to be the subjects of "new product ranges and communications campaigns" going forward.

"It is pleasing to report positive performance across many brands and countries as the trading environment was difficult during much of the year," said McCroskie. "We faced the impact of Covid lockdowns for part of the year, especially in China, and global supply chains remained under extreme pressure, most notably affecting the supply of glass bottles. This affected production and led to lower stocks in key markets at points during the year.

"As well as this. we faced a high-inflation environment in the UK, which is the source of most of our goods and services."

Edrington also confirmed that its full exit from Russia - its fourth-largest market - was completed in July last year.

Edrington's official FY fiscal 2023 results announcement.

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