World-famous Speyside single malt The Macallan led its Scottish owner to a huge jump in global sales and profits during the year to March.
The Macallan, produced at Craigellachie, was the stellar performer for Glasgow-based Edrington Group.
The company said the accelerated development of direct-to-consumer sales was a significant driver of growth for the brand, particularly in Asia.
The iconic single malt also delivered new expressions, including its oldest ever – The Macallan Reach.
Igor Boyadjian, managing director, The Macallan, said the whisky had “performed ahead of our ambitious plan”.
He added: “This was fuelled in the trading environment by the bounce-back of our core markets.
“Above all, this success is based on record levels of investment behind The Macallan, in the quality of our product, in the creativity of our communications and in the skills and capabilities of our people.”
“We have continued to push the boundaries of creativity and excellence in execution over the past year, and have had an encouraging response to new releases.”
Mr Boyadjian said the brand’s team had also worked hard on “amazing” promotional activity, such as The Macallan Experience events in Shanghai and at Raffles in Singapore, as well as a prestigious dinner at the Guggenheim Museum in New York.
Edrington said its malt whiskies business unit – comprising The Glenrothes, Orkney-based Highland Park and Naked Malt – performed well across key markets, growing the value of sales ahead of an increase in volumes.
Malt whiskies managing director Suzie Smith said: “After several challenging years in which imports to the USA faced 25% tariffs and the pandemic took a significant toll on the hospitality sector, we generated excellent results.
“That success has enabled us to increase our investment to record levels.”
On the performance of Edrington’s Orkney brand, Ms Smith said: “Long admired by malt whisky lovers all over the world, Highland Park continued to grow its loyal fan base last year.
“We saw this most strongly in the brand’s core markets, which will continue to be a focus in the year ahead.
“The brand launched a series of new products last year, including Highland Park 15-yearold in a distinctive ceramic bottle.
“Highland Park 15 has been well-received by consumers and also critically acclaimed, winning a gold medal in the 2022 IWSC (International Wine and Spirit Competition) awards and a double gold in the San Francisco World Spirits Competition, along with its 12, 18 and 21year-old siblings.”
‘Scotland’s favourite whisky’
Edrington said The Famous Grouse – “Scotland’s favourite whisky” did well in core markets in northern and eastern Europe, with the best results in Sweden and the UK.
Group pre-tax profits for the 12 months to March 31 2022 surged nearly 60% to £270.7 million, from £171.3m a year earlier when global markets were severely disrupted by Covid-19. Compared to 2019-20, before the pandemic, latest profits are up by 21.7%.
Edrington said core revenue was up 45% year-on-year in the latest period, at £821%,, while 2021-22 sales were ahead by 22% on those achieved before the Covid outbreak.
‘Robust performances’
Chief executive Scott McCroskie said: “Edrington has returned to the consistent growth trend we saw in the years before the pandemic, with robust performances across our core markets, particularly the USA, China and the Dominican Republic.
“Whilst the economic landscape will continue to present challenges, we have healthy brands, an effective strategy, record levels of investment in the business, great people and strong momentum.”
Edrington, which also makes Brugal rum, also announced a commitment to achieve net-zero by 2045.
Mr McCroskie added: “Our target… is a significant increase on our previous commitment and it will touch every aspect of our business. I am proud of the progress we have made, but also clear that we have much more to do.”
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