Scottish distilling group Edrington have plenty of reasons to celebrate as its full-year profits for 2016/17 have significantly risen. The firm is renowned for producing premium scotch whiskies through notable brands such as The Macallan, The Famous Grouse and Highland Park amongst others.
Though sales only grew by a mere 6% in the year ending 31 March 2017, it was enough to see Edrington see its full-year profits reportedly soar by 32% to hit £91 million in 2016/17. Much of the latter reflects the resulting impact of the sterling's fall in value.
Edrington reports that The Macallan premium scotch whisky brand thrived with a strong year as its sales volume and revenue continues to grow, not forgetting the increase in brand-building investment as well.
[caption id="attachment_17125" align="aligncenter" width="1024"]Concept art of The Macallan's new Speside distillery.[/caption]
This momentum for the The Macallan scotch whisky marque is expected to continue once construction of its planned new Speyside distillery is completed later this year. The new facility reportedly costs about £100 million in total to build (concept art pictured above). Additionally, the group also highlighted The Famous Grouse brand's strengthened position as a segment leader in the UK. The brand delivered its highest-ever market share whilst sister brand Cutty Sark performed well in Spain, helping grow the group's overall profit in the process.
"2016-17 was a significant year of growth for Edrington despite a difficult backdrop of economic and political volatility, and a fiercely competitive marketplace," said Edrington's chief executive Ian Curle.
He continued further by saying, "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."