Whisky firm hit
Profits slide at Macallan distiller Edrington
Scott McCroskie: good outcome (pic: Terry Murden)
Edrington, the Famous Grouse and Macallan whisky producer, posted a “material decline” in revenue and profit for the year.
But it said this reflects a better-than-expected performance in an operating environment that included Brexit, US tariffs and the effects of the global pandemic.
Profit before tax fell 21% to £178.4m and core revenue from Edrington branded products (at constant currency) came in 15% lower at £576.2m for the year to the end of March.
Net debt stands at £375.5m, an improvement of £76.3m vs prior year
Edrington’s top brand, The Macallan, suffered a significant decline in contribution driven by a sharp contraction in global travel retail, closures of bars and restaurants and wholesaler destocking in the USA.
However, consumer demand for the world’s most valuable Single Malt Scotch Whisky remained strong and the business pivoted to accelerate progress in new channels such as ecommerce.