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Luxury spirits house Edrington surpasses £1 billion revenue
The owner of prestige spirits brands The Macallan, Highland Park and The Glenrothes has smashed through the £1 billion revenue barrier for the first time, its CEO revealed.
Ultra-premium spirits firm Edrington, headquartered in Scotland, has broken its own revenue record “despite a raft of external challenges”, its chief executive revealed during the announcement of the company’s financial results for the year to 31 March 2023.
Calling it a year of “outstanding growth and investment,” CEO Scott McCroskie said that the business had delivered a strong performance “in almost every country where our products are sold”.
Leading brand The Macallan continued to spearhead the company’s growth, while brands The Glenrothes, Highland Park and Naked Malt grew in value sales ahead of volume.
“This strong trading performance has allowed us to invest industry-leading sums behind our brands, our people and our operations, as well as funding a substantial buyback of shares,” said McCroskie.
“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.”
Particularly strong markets for 2022-2023, McCroskie said, were China, Hong Kong, Taiwan, the UK, Spain, the Dominican Republic and the US.
The Famous Grouse performed well in its core markets in northern and eastern Europe, with a strong performance in the UK.
Meanwhile, Brugal, Edrington’s premium rum, flew off the shelves in the Dominican Republic and in Spain.
Crucial to maintaining the quality of its top brand for years to come was Edrington’s acquisition of a 50% stake in Grupo Estévez of Jerez in Spain, through which it secured its supply of Sherry with which to season The Macallan’s signature oak casks.
Edrington also became majority shareholder in the ultra-premium American Whiskey brand Wyoming Whiskey.
Brands owned by Edrington are distributed to more than 100 countries through joint ventures and third-party agreements. The company’s principal shareholder is The Robertson Trust, named after the company’s founding family.