It has not been the easiest time for Scotch whisky exporters of late, with major distillers highlighting difficulties in key overseas markets.

And Chivas Brothers, the Dumbarton-based distiller of premium brands such as Ballantine’s, Royal Salute, and Chivas Regal, has certainly not been immune.

The company, part of French drinks giant Pernod Ricard, published results today that underlined the industry’s vulnerability to shifting economic and geopolitical sands.

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It was a tale of two halves, to borrow the old sporting cliché, as a sharp reversal of sales in the first half was followed by a strong recovery in the second. But while Chivas was understandably encouraged by the second-half revival, it was not enough to prevent sales from falling marginally over the year.

The company reported that net sales for the year to the end of June were down 1.6% compared with 2023. This is unlikely to have pleased the distiller’s accountants but there was plenty in the results to offer grounds for optimism, with expansion in Africa and the Middle East – where net sales grew by 35% - especially eye-catching.

However, this was offset by sharp downturns across the Atlantic. Net sales in North America declined by 19%, as the industry continues to grapple with inventory and pricing issues, and by 8% in Central and South America, which are traditionally volatile markets for whisky exporters.

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Ultimately, though, it was Russia which proved the difference between expansion and contraction. Chivas noted that excluding Russia, to which parent company Pernod stopped exports of all international brands at the end of April 2023, net sales would have risen by 1.4% for the year.

“Our FY24 performance demonstrates resilience and stability, underpinned by our impactful premiumisation strategy which delivered an upward trajectory in the second half of this fiscal (January – June 2024),” said Jean-Etienne Gourgues, chairman and chief executive of Chivas Brothers.

“We’re lapping two historic years, a complex geopolitical landscape and ever-changing consumer trends, yet still delivering on our strategic vision, owing to our broad and balanced footprint. We are also leading from the front when it comes to sustainability in our industry, making significant investments that ensure we can meet our ambitious environmental targets while increasing capacity to meet the global demand for Scotch whisky.”