Glasgow-based whisky, gin and rum company Edrington — owner of The Macallan, Highland Park and The Glenrothes — said its core revenue fell 10% to £912 million for the year to March 31, 2025, amid a “challenging economic environment.”
Edrington said its profit before tax fell 26% to £274.4 million.
The company also confirmed the sale of The Famous Grouse and Naked Malt brands to William Grant & Sons Ltd, effective on July 1, 2025.
“Reported results for 2025 exclude these brands, which are recorded as discontinued operations,” said the firm.
Edrington said The Macallan marked a successful 200th anniversary year and recorded its second-highest year ever for sales, “reinforcing its position as the world’s number one Single Malt Scotch Whisky by value.”
The company completed four acquisitions and investments which began in 2023 to establish an end-to-end supply chain of the highest quality Sherry-seasoned oak casks for The Macallan through a new partnership with the Tevasa cooperage in Jerez and two sawmills in northern Spain.
Highland Park launched new branding and packaging inspired by its Orkney home and Highland Park distillery was upgraded, which will reduce carbon emissions by up to 20%.
Edrington also owns the Brugal premium rum brand from the Dominican Republic and Wyoming Whiskey in the US, and has a strategic partnership with No.3 London Dry Gin.
Edrington employs about 3,000 people. Its principal shareholder is The Robertson Trust.
“After a period of industry-leading growth, during which the business has grown significantly, this has been a period in which Edrington experienced the full-year impact of reduced consumer demand,” said Edrington.
“However, core contribution was 38 percent ahead of pre-pandemic levels.
“The decline in sales was broadly consistent across international markets, with exceptions including a resilient performance by Brugal rum in the Dominican Republic and The Macallan in South Korea and Japan.
“The Macallan 12, 15 and 18-year-old expressions continued to grow in China and the company saw high consumer demand for products launched to celebrate The Macallan’s 200th anniversary.
“Core contribution declined more sharply, reflecting increased production and employment costs. The business reduced brand investment by nine percent in line with the reduction in revenue although the reinvestment ratio remained at market-leading levels at 24 percent of core revenue.”
Edrington CEO Scott McCroskie said: “After several years of unprecedented growth for premium spirits and industry-leading results posted by Edrington, the business felt the full effect of the global economic downturn during the year.
“Our focus on ultra-premium spirits has driven Edrington’s growth in recent years and we have continued to execute our strategy despite the hostile trading environment. This includes further strategic investments in our sherry cask supply chain and in reducing our carbon footprint.
“On 1st July 2025 we completed the sale of The Famous Grouse and Naked Malt brands to William Grant & Sons. This reflects our choice to focus on the premium end of the market, where we are best placed to compete.
“Looking ahead, the political and economic backdrop remains volatile, which we expect will continue to weigh on consumer sentiment in the coming year.
“We believe top-line growth will be difficult to come by in this environment, although adjustments to overheads and brand investment are expected to align net sales and core contribution more closely next year.
“Edrington’s strategic focus on ultra-premium spirits remains effective.
“We will continue to execute it to strengthen our brands and our business for the long-term benefit of our investors, our employees, and those who benefit from our own and our principal shareholder’s charitable activities.”