Core revenues from Edrington's portfolio of brands headlined by The Macallan single malt whisky have topped £1 billion for the first time.

Glasgow-headquartered Edrington also posted a 43% surge in pre-tax profits for the year to the end of March despite the decision to withdraw from its fourth-largest market, Russia, following the invasion of Ukraine. The privately-owned group also noted that while "the impact of Covid on the business appears to be largely behind us", it continued to act as a major suppressant of sales in China in the first half of the year.

Revenue growth outpaced the increase in volumes sold, reflecting a higher proportion of sales from the premium end of the portfolio that also includes Highland Park, The Glenrothes, the Famous Grouse blended whisky, and others.

The Macallan continued to lead the company’s performance, with high demand for products such as The Macallan James Bond Collection, The Red Collection 77-year-old, and The Macallan M series. This performance was helped by a mixture of pricing and a higher proportion of sales coming from more profitable markets.

READ MORE: The Macallan Scotch whisky owner in American Wyoming Whiskey move

The Glenrothes, Highland Park, and Naked Malt were also said to have performed well across key markets, growing the value of sales ahead of the increase in volume.

Chief executive Scott McCroskie said the business delivered a strong performance in almost every country where its products are sold, with "particularly strong sales in China, Hong Kong, Taiwan, the UK, Spain, the Dominican Republic and the USA".

“Our business has delivered another highly successful year, despite a range of external challenges," Mr McCroskie said. "Revenue from our spirit brands passed £1bn for the first time and core contribution increased by 25% from last year’s record result.

“This strong trading performance has allowed us to invest industry-leading sums behind our brands, our people and our operations, as well as funding a substantial buyback of shares."