Edrington is Well Placed For Further Growth
Edrington, the Scottish premium spirits producer, has reported a 6% increase in both core revenue to £668.1 million and core contribution to 204.3 million for the year ended 31 March 2017, as the company’s portfolio of premium brands responded to an 18% increase in brand investment. Profit for the financial year was £91.0 million, an increase of 32% versus 2016, reflecting core contribution growth and the impact of the fall in value of Sterling.
Ian Curle, chief executive of Edrington.
Edrington’s global spirits brands include Scottish whiskies The Macallan, The Famous Grouse, Highland Park, Cutty Sark and The Glenrothes, as well as Brugal rum, and Snow Leopard vodka.
Edrington’s strengthened financial position was reflected in total equity rising to £685 million (2016: £604.7 million), free cash flow of £98.3 million (2016: £62.6 million), and ROCE (Return on Capital Employed) increasing to 23.2% (2016: 21.3%).
Ian Curle, chief executive of Edrington, comments: “2016-17 was a significant year of growth for Edrington despite a difficult backdrop of economic and political volatility, and a fiercely competitive marketplace. Since its introduction in 2015 our strategy – Perfect The Macallan, Accelerate Highland Park, develop Super-Premium, Optimise Regional Power Brands – has gained momentum and positively impacted results. Higher levels of investment in brand marketing, increased innovation, and greater focus on consumers have led to an encouraging performance.”
He continues: “Despite short-term uncertainty we are confident about the medium and long term prospects for the business. With its premium brand portfolio, proven strategy, and management capability, Edrington has established the necessary momentum to deliver further growth.”
