Edrington’s Single Malt Portfolio Drives 9% Revenue RiseJune 20, 2019
Driven by gains in its single malt portfolio, Edrington’s revenue grew by 9% at constant currency to £679.8 million ($884.3 m) for its fiscal year ended in March. Earnings before interest and tax grew by 8% to £247.4m ($313.5m), with profit up 6% to £201.6m ($255.5m). The company said it saw double-digit growth for Highland Park, the Glenrothes, and a banner year for the Macallan, which recently opened its new distillery and tourism facility. Overall, Edrington’s volume rose by 2% to 7.8 million cases for the fiscal year, during which the company boosted its brand investment by 7% to £137.3 million ($174.1m).
The Macallan was up double-digits, with the company investing heavily in both promoting the new distillery and Macallan’s portfolio. Edrington says global demand for Macallan continues to outweigh supply, even as the company ramps up production at its new distillery. In the U.S., Macallan was up 4.6% to 261,000 cases for 2018, according to Impact Databank.
Edrington also continued to invest in Highland Park, launching the brand’s first 50-year-old expression and opening a dedicated whisky shop in the brand’s home base of Orkney. In addition to developing Highland Park’s tourism outreach at home, Edrington launched pop-up tasting experiences in cities around the world. A New York pop-up featured recent limited expression The Light, a 17-year-old follow-up to 2017’s The Dark. For 2018, Highland Park was at 23,000 cases in the U.S., according to Impact Databank.
While Scotch whiskies drive Edrington’s portfolio, the company reported double-digit growth for Brugal rum as it continues to push the brand into more premium territory. Though Brugal grew globally, Impact Databank reports that it was nearly flat in the U.S., at roughly 72,000 cases. In American whiskey, Edrington points to a strong future for its strategic partnership with Wyoming Whiskey, which joined the Edrington portfolio in September of last year.
While it expanded in American whiskey with Wyoming, Edrington recently offloaded the Cutty Sark and Glenturret brands to La Martiniquaise and specialty wine and food group Art & Terroir respectively. Those deals raised proceeds of £124.2 million ($158m).—Shane EnglishSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.