The Scotch whisky group which owns The Macallan, Highland Park and The Glenrothes single malts has reported a rise in underlying profits in challenging market conditions.
Glasgow-based Edrington achieved a 1% increase in core contribution – profits from its branded sales and distribution after the deduction of overheads on a constant-currency basis – to £299 million in the year to March 31. This advance was achieved in spite of a 3% dip in core revenue to £855m.
Edrington said the fall in core revenue reflected “lower demand for high-value prestige products, which was mitigated by strong performance in The Macallan core products, including double-digit [percentage] growth in sales of The Macallan 12-year-old”.
Chief executive Scott McCroskie writes in Edrington’s annual report: “My report last year highlighted the challenging trading conditions facing the global spirits industry, and those conditions have persisted through 2025/26.
“Against this backdrop, Edrington has delivered a resilient performance. Our results reflect both the strength of our brands and the benefits of disciplined execution of our strategy. At times this has meant that we have prioritised long-term brand health over short-term performance.”
Edrington, which last summer reported a 28% fall in core contribution for the year to March 31, 2025, but noted it was still 38% ahead of pre-pandemic levels, employs more than 2,800 people in its wholly owned and joint venture companies. More than half of this workforce is outside the UK.
The distiller’s principal shareholder is The Robertson Trust, which has donated £421m to charitable causes in Scotland since 1961.
Mr McCroskie, presenting Edrington’s results today, said: “Our performance this year reflects both the strength of our brands and a disciplined approach to execution in a challenging market.
“Whilst consumer demand at the very top end of our products remains subdued, the continued growth of our core ranges has enabled us to deliver a modest increase in core contribution. Our leading brand, The Macallan, has continued to perform strongly, gaining market share across a number of our key markets.”
Edrington said its Europe, Middle East and Africa region grew core revenue, in addition to “notable” growth in China, Latin America and the Dominican Republic.
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The group observed it had launched a wholly owned distribution company in India, the world’s largest Scotch whisky market by volume.
Edrington noted its reported pre-tax profit for the year to March 31 was down 7% on the prior 12 months at £256m, declaring that this reflected the “absence of a one-off gain” booked in the prior year from a sale of maturing stock, together with the “impact of adverse currency rates”.
It added that the proceeds of the sale of The Famous Grouse to William Grant & Sons, alongside working capital savings, enabled a £425m reduction in net debt.
Mr McCroskie said: “With the company’s balance sheet strengthened by strong inventory management and materially reduced debt, Edrington is on a strong footing as it navigates a continually volatile environment.”
He added: “We will continue to pursue growth opportunities whilst maintaining discipline over costs and investing in our brands, our operations and sustainability. This will ensure that the business is well placed to perform strongly in the future.”
Edrington said that its premium rum, Brugal, generated double-digit-percentage growth in its home market of the Dominican Republic. It declared that Brugal 1888 had “risen to become the world’s number-six ultra-premium rum”.
Edrington said it had continued to integrate its sherry-seasoned cask supply chain, which was established in a series of acquisitions between 2023 and 2025.
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