Edrington’s Revenue Climbs 6% To $870 Million, Fueled By The MacallanJune 30, 2017
Scotland’s Edrington has posted 6% revenue growth to £668.1 million ($867.3m) for its full fiscal year ended March 31. Profit for the financial year totaled £91 million ($118m), marking a 32% rise on the year prior. Edrington credited The Macallan and Highland Park single malt Scotch whiskies with helping to drive growth, with both brands benefiting from increased investments in advertising and promotion. Overall, Edrington’s brand investment was up 18% to £111 million ($144m) for the year.
Among Edrington’s key brands in the U.S., The Macallan earned Impact “Hot Brand” honors for its 2016 performance, rising 10% to 242,000 cases. The Macallan’s new distillery and brand home—being constructed on a £100 million ($130m) investment, is set to be completed this year.
After years of progress, Highland Park slipped 6% to 19,000 cases in 2016. The high-end brand unveiled new packaging on its core range and introduced a new offering, Valkyrie ($80) this month. Also in the single malt category, Edrington recently acquired the Glenrothes brands, which sells about 12,000 cases in the U.S. and specializes in vintage-dated malts, from Berry Bros. & Rudd.
In blended Scotch, Edrington’s Famous Grouse and Cutty Sark brands both declined in the U.S. last year, to 160,000 cases and 119,000 cases respectively, amid a difficult climate for blends. But Dominican Republic-sourced Brugal rum was on the upswing, rising 7% to nearly 70,000 cases, and the company is also on the move in the Tequila and vodka categories with recent addition Partida (at about 30,000 cases) and Snow Leopard (2,000 cases) respectively.
Earlier this year, Edrington announced changes to its U.S. leadership team, with former SVP and commercial director Chris Spalding taking the helm as president and CEO of Edrington Americas. Spalding succeeded Paul Ross, who took on a global role with the group as managing director of super-premium and innovation. —Christina JelskiSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.