Edrington’s new boss is toasting annual figures reflecting strong demand for the world’s top-selling single malt, and other whiskies, in the US, China and south-east Asia.
Scott McCroskie, 51, became chief executive at drink group Edrington at the start of April following the retirement of Ian Curle.
Reporting his first results since taking the helm, the new CEO said a near double-digit rise in revenue and 6% growth in underlying profits was “encouraging” against a backdrop of “significantly increased brand investment”.
Pre-tax profits rose by 4% to £196.6 million during the 12 months to March 31 2019, from £189m a year earlier, while “core” revenue surged by 9% to £679.8m, as flagship brand The Macallan “consolidated its position as the world’s most valuable single malt Scotch whisky”.
Edrington’s other whiskies include The Famous Grouse, which Edrington said had faced a “challenging trading environment for blended Scotch” but successfully grew market share in a number of key territories, including the UK.
The Glasgow-based group said its Highland Park, The Glenrothes and Naked whiskies had all enjoyed strong growth.
Mr McCroskie said: “We have made further progress this year towards building the world’s leading portfolio of exceptional super premium brands.
“In line with Edrington’s increased focus on super premium spirits, exceptional proceeds of £124.2m were received last year from the sales of the Cutty Sark and Glenturret brands.
“The business has delivered strong international growth that reflects continuing consumer demand for our products, particularly in China, south-east Asia and the US.”
French drink giant La Martiniquaise-Bardinet swooped to buy Cutty Sark, one of Scotland’s most iconic whisky brands, late last year, while Glenturret Distillery, the Perthshire home of The Famous Grouse visitor attraction was sold to a business owned by Swiss wine and art collector Silvio Denz.