Whisky-maker Edrington Group said yesterday its 2020 business plan was already delivering results after just a year.
The company – whose brands include UK best-seller blended The Famous Grouse as well as The Macallan, one of the world’s most popular single malts – posted results showing a swing back into the black during the year to March 31.
Pre-tax profits came in at £144.8million, compared with losses of £41.6million the year before.
Group revenue fell slightly during the latest period to £574.6million, from £575.5million.
Glasgow-based Edrington, which also makes Highland Park single malt in Orkney, highlighted profits of £72.7 million, before one-offs and a sum of £55million “attributable to non-controlling interests”, compared with £79.7million previously.
It said its drop in profits reflected “the adverse impact of both currency and intense competitor activity in Taiwan and the UK”.
Chief executive Ian Curle added: “A year on from the launch of Edrington’s new strategy, we see evidence that we have put the right strategy into effect, and that it is delivering results.
“During this year of transition we have faced challenging economic and trading conditions, with strong performances in key markets and shortfalls in others.
“In combination with the influence of currency, this has adversely affected our results.
“Recent investment in distribution is showing benefits with the USA, global travel retail, and south-east Asia delivering double figure growth.
“Our new distillery and brand home for The Macallan is taking shape in Speyside, and we look forward to welcoming visitors in spring 2018.”
Edrington’s strategy aims to “perfect The Macallan, accelerate Highland Park, develop super premium brands, optimise our regional power brands, and focus for success.”
The company said its premium whiskies delivered a strong performance during 2015/16.
This was supported by a return to growth for rum brand Brugal in its core markets of the Dominican Republic and Spain.
A £100million investment in the new distillery and visitor centre at The Macallan plant at Craigellachie on Speyside aims to make the brand the “leading premium spirit in the world”.
