By Ian McConnell
GLASGOW-based distiller Edrington has today reported a strong rebound in core revenues and profits for the year to March, to well ahead of pre-pandemic levels, declaring The Macallan single malt “led the business performance”.
The company, which employs nearly 1,000 people in Scotland and has a global workforce of around 3,000, had experienced sharp falls in revenues and profits in 2020/21 amid the coronavirus pandemic.
Edrington’s core revenues in the year to March, from sales of its continuing branded products on a constant-currency basis, were up by 45 per cent on the prior 12 months at £821.2 million. This is 22% higher than in the year to March 2020, a period which Edrington describes as “pre-pandemic”.
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Core contribution, which is profits on a constant-currency basis from branded sales and distribution after deduction of overheads, jumped by 53% to £295.6m. This was up by 28% on the 2019/20 financial year.
Edrington’s principal shareholder is The Robertson Trust, which has donated £322m to charitable causes in Scotland since 1961.
The company said the “accelerated development” of direct-to-consumer sales of The Macallan was a significant driver of growth, particularly in Asia.
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It added that its malt whiskies business unit, comprising The Glenrothes, Highland Park and Naked Malt, had performed well across key markets ,”growing the value of sales ahead of the increase in volume”.
Edrington noted that its Brugal premium rum “continued to generate outstanding growth in its home market of the Dominican Republic and good performance in Spain, its leading international market”.
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Scott McCroskie, chief executive of Edrington, 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.”
Looking ahead, he added: “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.”
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