Edrington financial results for 2018-19
20 Jun 2019
EDRINGTON FINANCIAL RESULTS FOR THE YEAR ENDED 31 MARCH 2019
Edrington, the international premium spirits company, has reported a strong financial performance for the year ending 31 March 2019, posting a 9% increase in core revenue and 6% rise in core contribution.
CORPORATE SUMMARY*
- Core revenue (from Edrington branded products at constant currency) of £679.8m, +9% from 2018
- Brand investment of £137.3m, +7%
- Core contribution of £231.8m, +6%
- Profit for the financial year of £91.6m, +4% versus 2018
- Increased international reach with the launch of Edrington Mexico
BRAND HIGHLIGHTS
- Edrington’s leading brand, The Macallan consolidated its position as the world’s most valuable single malt Scotch Whisky, opening its new distillery and brand home.
- Strong growth for Edrington’s other malt whiskies, Highland Park, The Glenrothes and Naked.
- Despite the continued challenging trading environment for blended Scotch resulting in a decline in contribution for The Famous Grouse, it successfully increased market share in a number of key markets including the UK.
- Brugal, Edrington’s premium rum, delivered double digit growth in sales and contribution, principally through the success of its premium brand strategy in its home market, the Dominican Republic.
Commenting on the results, Scott McCroskie, chief executive, said:
“We have made further progress this year towards building the world’s leading portfolio of exceptional super premium brands.
“A 9% rise in core revenue and 6% growth in core contribution is encouraging as it has been achieved against a backdrop of significantly increased brand investment, upgraded packaging and investment in capacity and capability. 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 USA, which is the world’s largest market for premium spirits.”
Mr McCroskie also paid tribute to former chief executive Ian Curle, who retired at the end of the financial year. “These results underline the strength of the business built up during Ian’s 15 years as chief executive. It is an honour to succeed him as leader of this unique company.
“I am proud of what we have already achieved, and I am certain that as we intensify the focus on our super premium brands, we will deliver further success in the future.”
ENDS
* Figures stated for year ending 2019 and the previous year exclude exceptionals (chiefly the profits from the sale of Cutty Sark and Glenturret), and have been restated to reflect discontinued operations and a change in accounting standards (IFRS15).
For further information, please contact:
Lindsay McGarvie, corporate affairs director
+44 (0) 7836 569 988
Susy Atkinson, corporate affairs manager
+44 (0) 777 554 7732
About Edrington
Edrington’s vision is that we will give more by building the world’s leading portfolio of exceptional super premium spirits.
Our strategy is to intensify our focus on becoming the world’s leading super premium brand builder. The Macallan is our central focus supported by Highland Park and The Glenrothes in the fast-growing Single Malt category and Naked in the Blended Malt category.
We have strategic partnerships with Tequila Partida and Wyoming Whiskey in the dynamic Tequila and American Whiskey categories. Our portfolio is completed with The Famous Grouse Blended Scotch Whisky, Brugal premium rum in the Dominican Republic and Snow Leopard vodka.
Edrington is headquartered in Scotland and employs over 3,200 people in its wholly owned and joint venture companies, with over 70% employed overseas. We own our route to market in 15 countries and distribute our brands to more than 100 countries around the world through joint ventures and third-party agreements.
Our principal shareholder is The Robertson Trust, which has donated over £263m to charitable causes in Scotland since 1961. Our business model is underpinned by the Edrington values of giving, integrity, excellence and respect.