Macallan Firm Edrington hits record £1bn revenue

Glasgow-based drinks company Edrington — owner of Scotch whisky brands The Macallan, Highland Park and The Famous Grouse — announced it exceeding £1 billion in core revenue for the first time in the 2022-23.

Edrington said its revenue rose 22% to £1.082 billion and its profit before tax soared 43% to £387.7 million.

The Macallan continued to lead the company’s performance, with high demand for premium products including The Macallan James Bond Collection, The Red Collection 77-year-old and The Macallan M series.

Edrington said that during the year it acquired 50% stake in Grupo Estévez of Jerez “securing a sustainable supply of the finest quality Sherry wines to season The Macallan’s signature oak casks” and became majority shareholder in ultra-premium American Whiskey brand Wyoming Whiskey.

“The Glenrothes, Highland Park and Naked Malt performed well across key markets, growing the value of sales ahead of the increase in volume,” said Edrington.

“Scotland’s favourite whisky The Famous Grouse performed well in its core markets in northern and eastern Europe, with good recovery in Global Travel Retail and a strong performance in the UK.

“Brugal, Edrington’s premium rum, continued to generate outstanding growth in its home market of the Dominican Republic and in Spain, its leading international market.

“Its ultra-premium expression Brugal 1888 has continued to perform strongly.

Edrington CEO Scott McCroskie said: “Our business has delivered another highly successful year, despite a range of external challenges.

“Revenue from our spirit brands passed £1 billion for the first time and core contribution increased by 25% from last year’s record result.

“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.

“The business delivered a strong performance in almost every country where our products are sold, with particularly strong sales in China, Hong Kong, Taiwan, the UK, Spain, the Dominican Republic and the USA.

“Whilst the economic landscape will continue to be challenging, the trading environment is improving.

“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.”