Annual Profits Fall at Edrington

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Annual Profits Fall at Edrington

Annual Profits Fall at Edrington
July 27
10:05 2016

Edrington, Scotland’s premier producer and distributor of global spirits brands including The Macallan, Brugal, The Famous Grouse, Cutty Sark, Highland Park and Snow Leopard vodka, has reported profits of £72.7 million for the year ended 31 March 2016, down £7 million versus the prior year, reflecting the adverse impact of both currency and intense competitor activity in Taiwan and the UK.

The company delivered revenues of £574.6 million, in line with the prior year, and organic EBIT (earnings before interest, tax, excluding effects of currency and trade sales) of £155.9 million, against £154.5 million in 2015. This indicates strong performance from the company’s premium malt whisky brands and a return to growth for Brugal in its core markets of the Dominican Republic and Spain.

Eliminating the effect of a reduction in unbranded sales and currency fluctuations resulted in underlying EBIT growth of £1.4m (0.9%), which the company feels properly reflects the performance of the core business.

Ian Curle, chief executive of Edrington.

Ian Curle, chief executive of Edrington.

Underpinning its strategy for growth, Edrington purchased the remaining shareholding in Edrington Fix during the year to strengthen the company’s distribution in the fast growing markets of the Middle East, the Gulf and north Africa. Edrington has announced a new addition to The Macallan’s core range. The Macallan Double Cask 12 years old is a new take on the signature sherry oak style of The Macallan, which combines European and American oak to deliver the best of both worlds. The Macallan Double Cask has been launched in Taiwan and will be available to international markets and the UK by the end of 2016.

Ian Curle, chief executive of Edrington, comments: “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.”

He adds: “Recent investment in distribution is showing benefits with the USA, Global Travel Retail and South East Asia delivering double figure growth. Edrington will continue to invest in its brands and in growing markets for premium spirits. Our new distillery and brand home for The Macallan is taking shape in Speyside, and we look forward to welcoming visitors in spring 2018.”

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