News
Macallan drives 11% revenue growth at Edrington amid global spending slowdown
Scott McCroskie – CEO of Edrington
Scottish alcoholic drinks company Edrington has reported an 11% rise in core revenue for the year ending March 31, 2024, reaching £1.16 billion.
Pre-tax profit grew 6% to £411 million. Growth was driven by double-digit sales at The Macallan, particularly in the Asia-Pacific region and the global travel retail (GTR) space.
Despite the global drop in consumer spending in the second half of the year, Edrington continued to invest heavily in its supply chain, acquiring Vasyma cooperage in Spain and a 50% stake in Coopers Oak in Ohio to secure the oak casks essential to the production of The Macallan.
Chief Executive Scott McCroskie acknowledged the challenging economic climate and predicted lower growth levels next year.
Mr 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 strong underlying performance.
“However, we believe that the economic pressures we saw in the second half of last year will negatively impact demand. While we continue to invest in our brands, operations and sustainability, the business is planning for next year based on lower growth levels 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 throughout the coming year.