FAMOUS Grouse and The Macallan distiller Edrington yesterday reported a 19.3% jump in annual profits, defying a global economic downturn for the third year running on the back of strong growth across Europe, Asia and the US.

The Glasgow-based Scotch whisky stalwart, which this year celebrates its 150th anniversary, posted underlying pre-tax profits of £141.5 million to the end of March, compared with £118.6m the year before.

Turnover also climbed to £553.5m, compared with £468.3m last time.

Chairman Sir Ian Good declared in the company’s latest annual report: “The forecasters predicted a challenging economic climate in 2010-11 and their assumptions proved correct.

“Many economies found themselves under pressure and southern Europe in particular experienced especially difficult conditions. In spite of these challenges... Scotch whisky in particular continued its impressive global performance.”

Nonetheless, growth at Edrington was driven by increased investment and improved economic conditions in many of its markets.

Chief executive Ian Curle noted: “We have continued to invest behind our premium brands despite the difficult trading conditions in mature markets in recent years.

“This investment is now paying off as we see stability returning to many western markets. In the current year, we have experienced growth in the US and UK. We made significant investments in our operational assets in both Scotland and the Dominican Republic. We also continued to lay down substantial whisky stocks to enable the long term growth of our brands.”

However, he flagged weakness in Greek and Spanish markets, but said: “In Asia, our business has continued to grow steadily and we are experiencing positive developments in Russia and a number of emerging territories.”

Adding a personal touch to the latest successes at Edrington, which this year celebrates its 150th anniversary, Mr Curle’s pay surged to £1.23m, excluding company pension contributions, up from £1.13m previously. His most recent increases include a payment of £416,000 from a performance-related annual incentive plan and a payment from a performance-related long term incentive plan worth £259,000.

Mr Curle’s remuneration has climbed more than 81% from a £677,000 package two years ago.

At the same time, sales of Famous Grouse, which has been the best-selling whisky in Scotland for 30 years, grew by 4% last year. The pricier, premium version, Black Grouse, enjoyed sales growth of 21%.

Edrington said the overall strong performance was driven by growth in the UK and resilient performances in big European markets and the US. Famous Grouse also grew in emerging markets, notably Russia.

Meanwhile, The Macallan had an impressive performance on all fronts. Edrington’s leading luxury malt whisky brand grew by 14%, selling more than 700,000 cases.

The company noted: “This growth has been achieved at premium prices as we continue to invest behind the brand.

“Asian markets represent over 50% of brand sales and our rate of growth in the US market has increased as the economy improves.”

Meanwhile, the company’s Dominican Republic rum brand, Brugal, consolidated its position as the number one rum in Spain.

During the year, the company also acquired the Cutty Sark brand from Berry Bros & Rudd and took ownership of the Maxxium distribution companies in China and Hong Kong.

Edrington, which is controlled by the Robertson Trust, employs about 450 people at Great Western Road in Glasgow, where it is headquartered. A further 300-plus people are employed at operations elsewhere in Scotland.

William A Robertson formed a partnership with John W Baxter in 1861 to create the business that has evolved into the present day Edrington Group. Now, 150 years later, the business has 2300 employees, most of whom are based overseas.