Premium spirits company Edrington has reported strong financial performance for the year ending 31 March 2022, posting a 45 per cent increase in core revenue and a 53 per cent rise in core contribution.
The company said the results mark a return to its pre-pandemic trend of continued underlying growth.
Core revenue stood at £821.2 million, 22 per cent higher that 2019-20. The pre-tax profit grew 58 per cent from last year to £270.7m, which is a growth of nearly 22 per cent from pre-pandemic figures in 2019-20.
Edrington’s leading brand, The Macallan, led the business performance, while the Malt Whiskies business unit (comprising The Glenrothes, Highland Park and Naked Malt) performed well across key markets, growing the value of sales ahead of the increase in volume.
Scotland’s favourite whisky The Famous Grouse performed well in its core markets in northern and eastern Europe, with strongest results in Sweden and the UK.
Brugal, Edrington’s premium rum, continued to generate outstanding growth in its home market of the Dominican Republic and good performance in Spain, its leading international market. Its ultra-premium expression Brugal 1888 has doubled in size from pre-pandemic levels.
Edrington formed a strategic partnership with Berry Bros. & Rudd, taking a significant minority stake in No.3 London Dry Gin.
Scott McCroskie
“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,” Scott McCroskie, chief executive, said.
“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.”
Edrington has also announced that it has committed to achieve Net Zero by 2045. The company is working with the Science Based Targets Initiative, the world’s first science-based corporate standard, to reduce its carbon emissions in line with a 1.5°C future.
McCroskie added: “Our target of achieving Net Zero by 2045 is a significant increase on our previous commitment and it will touch every aspect of our business. I am proud of the progress we have made, but also clear that we have much more to do.”
