Macallan owner Edrington’s revenue up 9% to £680m

Glasgow-based drinks company Edrington — owner of Scotch whisky brands The Macallan, Highland Park and The Famous Grouse — said its “core” revenue rose 9% to £679.8 million in the year to March 31, 2019.

Profit for the financial year rose 4% to £91.6 million, with brand investment rising 7% to £137.3 million.

Edrington said its figures stated for year ending 2019 and the previous year exclude exceptionals — chiefly the profits from the sale of Cutty Sark and Glenturret — “and have been restated to reflect discontinued operations and a change in accounting standards (IFRS15).”

Edrington’s principal shareholder is The Robertson Trust, Scotland’s largest independent grant-making trust.

Edrington is headquartered in Scotland and employs 3,200 people in its wholly owned and joint venture companies, with 70% employed overseas. 

New Edrington CEO Scott McCroskie said: “We have made further progress this year towards building the world’s leading portfolio of exceptional super premium brands.

“A 9% rise in core revenue and 6% growth in core contribution is encouraging as it has been achieved against a backdrop of significantly increased brand investment, upgraded packaging and investment in capacity and capability.

“In line with Edrington’s increased focus on super premium spirits, exceptional proceeds of £124.2m were received last year from the sales of the Cutty Sark and Glenturret brands.

“The business has delivered strong international growth that reflects continuing consumer demand for our products, particularly in China, South East Asia and the USA, which is the world’s largest market for premium spirits.”