Whisky-maker Edrington revealed plans for new products, experiences and campaigns to celebrate 200 years of The Macallan alongside annual results.
The Macallan, produced in Craigellachie, on Speyside, is one if the world’s best-selling single malts.
And it retained its crown as star performer in Edrington’s portfolio during the year to March 31.
Edrington said there was strong demand for premium products from The Macallan.
These include the Macallan Horizon, the result of a collaboration with Bentley Motors.
Another successful partnership saw the brand team up two of Sir Paul McCartney’s daughters, Stella and Mary McCartney, fashion designer and photographer respectively, to create The Macallan Harmony Collection.
Edrington said The Macallan had enjoyed strong growth in its Asia Pacific markets, particularly China.
Meanwhile, The Macallan Colour Collection generated “outstanding” early results in global travel retail.
The Macallan’s origins can be traced back to 1824 when Alexander Reid, a barley farmer and schoolteacher, established a distillery on the banks of the River Spey.
According to the brand’s website, the original name of the area was Maghellan – taken from the Gaelic word “magh”, meaning fertile ground, and “Ellan”, from the monk St.Fillan, who held close links with the church that stood in the grounds of The Macallan Estate until 1400.
Centuries of whisky-making
Farmers had been making whisky on their Speyside farms in the area for centuries, using their surplus barley during the quieter winter months.
Mr Reid’s business grew quickly and in 1887 it was formally established as Matthew Gloag & Son.
Celebrations to mark the world famous brand’s 200th year include a partnership with touring show Cirque du Soleil.
Edrington’s other whiskies include Highland Park single malt, made in Orkney, The Glenrothes, from Rothes, and iconic The Famous Grouse, Scotland’s favourite dram.
The Glasgow-headquartered firm said net sales, brand investment and core contribution to revenue across the group all grew by double-digits during 2023-24.
It highlighted new investments in its supply chain, including through its acquisition of the Vasyma cooperage in Jerez, Spain, and a 50% stake in its main supplier of American oak, Coopers Oak of Ohio.
Edrington also said it had met independently verified carbon reduction targets and reaffirmed its commitment to achieve net-zero by 2045.
Pre-tax profits rose 6% to £411 million in the year to March, on core revenue up by 11% to £1.16 billion.
Edrington warns of slowdown in demand
But there was a warning on future prospects amid “challenging” economic pressures.
Chief executive Scott McCroskie said: “Edrington has navigated a challenging year to deliver financial results that are among the best in the spirits industry. Our strategy of focusing on ultra-premium spirits continues to deliver healthy brands and a strong underlying performance.
“However, we consider that the economic pressures that we saw in the second half of last year will adversely affect demand. While we will continue to invest in our brands, in our operations and in sustainability, the business is planning for the coming year on the basis of lower levels of growth than we have experienced since the end of the pandemic.”
Edrington’s majority shareholder is The Robertson Trust, which was established in 1961 by sisters Elspeth, Agnes and Ethel Robertson.
Conversation