Edrington announces strong financial performance for 2023-24

01 Jul 2024

International premium spirits company Edrington has today announced a strong financial performance for the year to 31 March 2024. The business demonstrated robust growth despite a global reduction in consumer spending in the second half of the financial year. 

CORPORATE SUMMARY                                                                   

*pre-exceptional items 

 CORPORATE HIGHLIGHTS

• Net sales, brand investment and core contribution all grew by double-digits.
• Edrington increased its investments in the supply chain that provides the highest quality sherry-seasoned oak casks for The Macallan through the acquisition of the Vasyma cooperage business based in Jerez, Spain, and a 50% stake in its main supplier of American oak, Coopers Oak of Ohio.
• Met independently verified carbon reduction targets and reaffirmed its commitment to achieve Net Zero by 2045. 

Edrington’s focus on ultra-premium products has driven growth, with The Macallan continuing to lead the company’s performance. There was high demand for premium products including the brand’s collaboration with Bentley Motors to produce The Macallan Horizon and with Stella and Mary McCartney on the newest edition of The Macallan Harmony Collection. 

Markets in Asia Pacific showed strong growth, with China performing particularly well. The Macallan Colour Collection has generated outstanding early results in Global Travel Retail. 

Commenting on the results, Scott McCroskie, Chief Executive, 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.” 

Looking ahead, Edrington’s leading brand The Macallan has launched celebrations to mark its 200th anniversary, featuring a unique partnership with Cirque du Soleil and the brand will launch a range of new products, experiences and campaigns over the coming year.

Pictured: Employees at The Macallan Distillery and Visitor Experience and Scott McCroskie, Chief Executive, Edrington.