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 Read all Edrington's recent news stories below.
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News

Norman Murray, Edrington
Norman Murray to retire from chairmanship of Edrington
12/07/2017

Norman Murray has announced his intention to retire from the chairmanship of Edrington, a post he has held since 2013. Norman joined Edrington as a non-executive director in 2012 as part of a distinguished career in international business.

 

Norman will step down at this year’s Annual General Meeting. He will be succeeded by Crawford Gillies. Crawford joined Edrington as a non-executive director earlier this year.

Crawford is also a non-executive director on the boards of SSE and Barclays, where he chairs the remuneration committee. He has a wide range of business experience across four decades, initially with Bain & Company, a firm of international management consultants, where he became European managing director.

He has chaired many notable private and service sector organisations including Scottish Enterprise. He also founded The Saltire Foundation, which helps develop entrepreneurial leadership in Scotland.

Crawford is a Scot, educated at Perth Academy, Edinburgh University and Harvard Business School.

Norman said: “I am very pleased to announce that Crawford will take over the chairmanship of Edrington and know that his extensive international business experience will be invaluable to the Company and I wish him all the very best.

“During my five years with Edrington I have thoroughly enjoyed working with this unique company. It has been a privilege to work with so many great people who have driven commercial success and simultaneously promoted the values that set Edrington apart. I am confident that they will build on that success and wish them continued success in their future endeavours."

Commenting on Norman’s contribution Ian Curle, chief executive, said: “My colleagues and I have very much enjoyed working with Norman. He has chaired our board with distinction and we will miss his wise counsel and his positive encouragement. I would like to thank him for his commitment and dedication to Edrington and we wish him and his family all the very best for the future.” 

ENDS

Ian Curle, Edrington chief executive
Edrington Financial Results 2016-17
29/06/2017

Edrington, the international premium spirits company, announces its financial results for the year ended 31 March 2017.

 

Corporate Summary 

• Core revenue (Total revenue excluding the impact of currency and trade sales) of £668.1m, +6% versus prior year
• Brand Investment of £110.7m, +18% versus prior year
• Core contribution of £204.3m, +6% versus 2016
• Profit for the financial year of £91m +32% versus 2016 (£69.2m)
• Free cash flow of £98.3m (2016: £62.6m)

Edrington’s 2020 Strategy, Perfect The Macallan, Accelerate Highland Park, Develop Super-Premium, Optimise Regional Power Brands, and Focus for Success, now in its third year, is embedded in the organisation through business units and has positively impacted results.

• The strategy has been supported with higher levels of investment in brand advertising and promotion, increased innovation, and greater focus on consumers, which has contributed to an encouraging performance.
• Edrington achieved core contribution growth, improved the quality of its P&L, strengthened brand equities, and improved its balance sheet.


Perfect The Macallan

• The Macallan delivered another strong year of sales volume and revenue growth, enabling higher levels of brand building investment whilst delivering profit growth.
- The brand’s new distillery and brand home will be completed this year.
- The company completed 100% coverage of global duty free/travel retail with the buyout of remaining shares in Americas travel retail JV, Edrington Webb.


Accelerate Highland Park

• Highland Park achieved contribution growth in line with Edrington’s overall performance.
- The brand’s packaging has been revamped for 2017-18 to reflect its Viking Soul positioning


Develop Super Premium

• Edrington’s premium portfolio was strengthened by the return of The Glenrothes Single Malt

 

Optimise Regional Power Brands

• Regional Power Brands had a strong year of growth led by Brugal
• The Famous Grouse strengthened its leading position in the UK, delivering its highest ever market share. (source: Nielsen)
• Cutty Sark performed well in Spain and grew overall profit.
• Brugal Rum’s focus on premium resulted in significant volume and profit growth in its two core markets, The Dominican Republic and Spain.

 

Edrington, Scotland’s premier producer and distributor of global spirits brands, including The Macallan, The Famous Grouse, Highland Park, Cutty Sark, The Glenrothes, Brugal, and Snow Leopard Vodka, today announces its results for the year ended 31 March 2017.

The Company delivered core revenues of £668.1m (+6% versus 2016), and core contribution of £204.3m (+6% versus 2016) as Edrington’s portfolio of premium brands responded to an 18% increase in brand investment.

Edrington’s strengthened financial position was reflected in total equity rising to £685m (2016: £604.7m), free cash flow of £98.3m (2016: £62.6m), and ROCE (Return on Capital Employed) increasing to 23.2% (2016: 21.3%).

Profit for the financial year was £91.0m, an increase of 32% versus 2016, reflecting core contribution growth and the impact of the fall in value of Sterling.

Commenting on the results, Ian Curle, Chief Executive of Edrington said: “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.

"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.”

 


                                                                                 ENDS

 

 

 

 

Edrington purchases The Glenrothes brand from Berry Bros & Rudd
02/05/2017

Edrington, the international premium spirits company and Berry Bros. & Rudd, Britain’s oldest wine and spirits merchant, have announced the sale of The Glenrothes Speyside Single Malt Scotch whisky to Edrington for an undisclosed sum.

The sale will see The Glenrothes brand reunited with The Glenrothes distillery and cooperage, which have been owned and run by Edrington via Highland Distillers continuously since 1887.

Berry Bros. & Rudd has distributed The Glenrothes in international markets since 1995 and purchased the brand from Highland Distillers in 2010. During this time the brand has grown to become a significant participant in the growing single malt Scotch whisky market.

Commenting on the sale, Berry Bros. & Rudd Chief Executive Dan Jago said: “It has been a great honour to be the guardians of The Glenrothes brand over the past seven years. Berry Bros. & Rudd has nurtured The Glenrothes brand and we are delighted our distributor and importer business Fields, Morris & Verdin will continue to distribute The Glenrothes in the UK.

“Berry Bros. & Rudd has always delighted in the development and cultivation of new spirits brands and the sale will enable us to invest further, developing our business ambitions in this area.”

Paul Ross, managing director of Edrington’s super premium business unit added: “We would like to thank Berry Bros. & Rudd for their excellent stewardship of The Glenrothes over the past seven years.

“We are very pleased to be reuniting the brand with its distillery and we know it will be an excellent member of Edrington’s leading family of premium brands, including The Macallan and Highland Park. We are very much looking forward to accelerating the growth of this award-winning single malt in international markets.”

Berry Bros. & Rudd will continue to distribute The Glenrothes in the UK. Edrington and its joint venture distribution companies already distribute the brand in several of its key markets, including Spain, the Nordics, Asia and travel retail. The Glenrothes will also now be distributed by Edrington Americas in the USA, which is the world’s largest market for premium spirits. Existing distribution contracts will transfer to Edrington with the brand.

The character and quality of the award-winning single malt will remain unchanged under the care of Gordon Motion, Edrington’s master whisky maker, who has been crafting The Glenrothes whisky throughout the past seven years.

Crawford Gillies
Edrington announces new non-executive director
01/02/2017

Edrington, the international premium spirits company, announces the appointment of Crawford Gillies to its board as non-executive director.

Mr Gillies is currently a non-executive director on the boards of SSE and Barclays Bank, where he chairs the remuneration committee. He has enjoyed an illustrious career in business over three decades, initially with Bain & Company, a firm of international management consultants, where he became European managing director.

He has chaired many notable private and service sector organisations including Scottish Enterprise. He also founded The Saltire Foundation, which helps develop entrepreneurial leadership in Scotland.

Mr Gillies is a Scot, educated at Perth Academy, Edinburgh University and Harvard.

Ian Curle, chief executive, said: “Crawford’s wide ranging international business experience will be invaluable to Edrington as it seeks further growth in the premium spirits market.”

Edrington announces new leadership appointments
13/01/2017

International leaders appointed to Super Premium, Regional Power Brands and Global Travel Retail Divisions

Edrington, the international premium spirits company, announces that Bill Farrar, Managing Director Super Premium will leave Edrington in June 2017 to pursue new business interests.

Bill's career with Edrington stretches back to 1989, since which time he has led marketing strategy for several of the world's most successful spirit brands. He joined the Edrington board in 2003 and has overseen the rapid growth of The Macallan and the development of Edrington's international distribution businesses.

In his current role he has been at the forefront of the company's innovation team and its fast-growing super premium spirit brands, including Highland Park single malt.

Paul Ross will succeed Bill as Managing Director Super Premium, transferring from his current assignment as President of Edrington Americas. Paul is an experienced international leader who has built the Edrington Americas organisation and delivered exceptional growth during his assignment in New York. Paul will be succeeded as President of Edrington Americas by Chris Spalding, who was heavily involved in the creation of Edrington Americas and is currently Commercial Director, North America.

Edrington has also named Aristotelis 'Tellis' Baroutsis as Managing Director of the company's Regional Power Brands business unit, which is responsible for The Famous Grouse and Cutty Sark blended Scotch whiskies and Brugal rum. Tellis joined Edrington as Managing Director of Edrington Nordics before transferring to Singapore to establish the company's global travel retail business.

Igor Boyadjian replaces Tellis as Managing Director of Edrington Global Travel Retail in Singapore. Igor was co-owner of the Edrington Fix joint venture, based in Dubai, and brings a deep understanding of the travel retail business to his new role.

Ian Curle, chief executive, said: "Bill has been a friend and colleague for nearly thirty years, during which time he has contributed strongly to Edrington's growth and success. I would like to thank him for his valued support and commitment, and wish him all the best in his future business interests.

 

“When Edrington moves into its new global headquarters in Glasgow in the spring, I am delighted that we will be joined by two of our most experienced international leaders in global roles.”

ENDS 

Edrington announces location of new Glasgow headquarters
15/09/2016

Edrington, Scotland’s premier producer and distributor of global spirits brands, including The Famous Grouse, The Macallan, Highland Park, Cutty Sark, Brugal rum and Snow Leopard vodka, today announced that its new international headquarters will be located at 100 Queen Street, by Glasgow’s Royal Exchange Square.

 

In April, the company announced its plans to move to a central Glasgow HQ. The building is owned by Esson Properties and is currently undergoing a £8.25 million renovation which includes the addition of two new floors. The move is due to take place in spring 2017, when Edrington will become the building’s leading tenant, occupying the top four floors.

 

The new main office will bring Edrington’s board and its business units – which manage Edrington’s spirits brands – together in a single location.  At present, these are based at the company’s main operations site in Great Western Road in the west of the city, and also in the Perth office in West Kinfauns.

 

The company expects around 130 people to be based at 100 Queen Street, including its executive board, finance, legal, and corporate affairs teams, as well as senior members of the company’s global operations, HR and business technology divisions. Edrington employs more than 2,300 people worldwide, with more than 60% based overseas.

 

Ian Curle, Edrington’s chief executive said: “100 Queen Street is the perfect location for Edrington’s international business and our leading brands. We looked at a number of properties in Glasgow for this strategically important move, and Queen Street combines high quality accommodation with a compelling location at the heart of Glasgow’s professional and cultural centre.

 

“Bringing together our leadership and business units in a central Glasgow location will help ensure that the business is in the best possible shape to deliver long term growth. It will improve international connections and bring us close to the creative and digital skills necessary to grow our business.”

 

Hunter Esson, chief executive of Esson Properties, added: “We’re thrilled to have attracted such a high profile international company as Edrington. Queen Street has become one of the most desirable locations for commercial accommodation, with significant improvements taking place over the last couple of years and a host of local amenities right on its doorstep.”

 

The move has been brokered by Knight Frank and Mark Allan Property Consultants Ltd.

 

ENDS

 

Paul Hyde
Edrington announces new chief financial officer
10/08/2016

Edrington, the international premium spirits company, is pleased to announce that Paul Hyde is appointed to the position of chief financial officer.

 

Paul is a chartered accountant who joined the company in 1997 and occupied a number of senior finance roles before becoming the company’s strategy and development director. He was appointed to the Edrington Board in 2015 as managing director of regional power brands. In this role he has combined the leadership of Edrington’s blended Scotch whisky and rum portfolio - The Famous Grouse, Cutty Sark, and Brugal - with geographical responsibility for Europe, the Middle East, Africa, and the Dominican Republic.

 

 

Commenting on Paul’s appointment chief executive, Ian Curle, said: “I’m very pleased to confirm that Paul will become Edrington’s chief financial officer. He has made a significant contribution to the company’s development over a period spanning nearly 20 years. His extensive commercial experience and leadership qualities will be invaluable for this key board appointment.”

 

 

 

Ends

 

Alex Short
Alex Short
22/7/2016

Edrington remembers our friend Alex Short, chief financial officer, who died on July 4, 2016.

Alex Short, who has died aged 49, was a trusted business leader and a prominent figure in Scotland's drinks industry.

He joined Edrington in September 2014, but his love of the whisky industry and his association with Edrington dated back to the 12 years he spent with William Grant, where he rose to become Grant's representative on the board of Highland Distillers.

His affection for Edrington and what it stands for brought him back to the company in 2014. In just two years with Edrington, his enthusiastic and dynamic approach were key to the success of many business improvements, from development of the company's strategy through to transformation in its systems.

He stood out as ambitious and confident, but his friends and colleagues remember him best for his personal qualities. He knew instinctively how to lighten a dull or difficult moment, often with an anecdote in which he was the butt of the joke.

Alex will be greatly missed by his many friends at Edrington, who have sent their sincere condolences to his wife, Ellen, and their three children.

Edrington financial results 2016
25/7/2016

Results for the year ended 31 March 2016

Corporate summary

 

  • Revenues of £574.6m, in line with prior year
  • Organic EBIT (core earnings, excluding effects of currency and trade sales) of £155.9m (2015:£154.5m)
  • Profit for the year £72.7m (2015: £79.7m)
  • Total Equity (the company's assets, less its liabilities) of £604.7m (2015:£515.7m)
  • Dividend per share 26.3p. Full year 38.1p

 

  • Middle East presence increased as Edrington-Fix joint venture becomes wholly owned
  • Global Travel Retail business strenthened by new European Travel Retail unit

 

Performance summary

  • The company faced a challenging environment in 2015-16 and results were impacted by continued political and economic volatility, tough trading conditions int he mature markets of the Uk and Taiwan, and the influence of currency exchange rates in emerging markets.
  • These uncertain political, economic and trading conditions are likely to endure through 2016-17
  • Given the strong performance by our brands in key markets, we remain confident about the Company's medium and long term prospects, and will continue to invest and innovate to drive growth across our international business.

 

Brand summary

The Macallan delivered antoher strong year, building on its leadership and achieving growth in both volume and value. This was achieved despite a setback in Taiwan, where intense competitive activity dented volume and market share. However the brand performed particularly strongly in China, Russia and the USA, where it is now the number one brand by value in the single malt category.

Highland Park continued to show good momentum across its major markets in Europe, the USA and Canada, delivering increased value.

Brugal has now returned to profit growth in its core markets of the Dominican Republic and Spain, driven by its strategy of targeting priority markets and building brand equity through premium expressions.

The Famous Grouse maintained its leading position as Scotland's and the UK's favourite Scotch in the face of intense competitive pressure that reduced volumes. The Famous Grouse grew in Spain and the USA.

Cutty Sark was also subject to the same tough trading conditions in blended Scotch whisky. Although volumes declined relative to the prior year, the brand grew ahead of its category in Spain, Portugal and the USA.

Snow Leopard vodka showed positive volume growth during the year, with activity focused on key cities in Asia and the USA.

 

Edrington, Scotland's premier producer and distributor of global spirits brands including The Macallan, Brugal, The Famous Grouse, Cutty Sark, Highland Park and Snow Leopard vodka, today announces its financial results for the year ended 31 March 2016.

The company delivered revenues of £574.6m and organic EBIT (earnings before interest, tax, excluding effects of currency and trade sales) of £155.9m. This indicates strong performance from the company's premium malt whisky brands and a return to growth for Brugal in its core markets of the Dominican Republic and Spain.

Eliminating the effect of a reduction in unbranded sales and currency fluctuations resulted in underlying EBIT growth of £1.4m (0.9%), which the company feels properly reflects the performance of the core business.

Profits for the year were £72.7m, down £7m versus the prior year, reflecting the adverse impact of both currency and intense competitor activity in Taiwan and the UK.

 

Investment and Innovation

Underpinning its strategy for growth, Edrington purchased the remaining shareholding in Edrington Fix to strengthen the company's distribution in the fast growing markets of the Middle East, the Gulf and north Africa.

Edrington has announced a new addition to The Macallan's core range. The Macallan Double Cask 12 years old is a new take on the signature sherry oak style of The Macallan, which combines European and American oak to deliver the best of both worlds. The Macallan Double Cask has been launched in Taiwan and will be available to international markets and the UK by the end of 2016.

 

Commenting on the results, Ian Curle, chief executive of Edrington, said: "A year on from the launch of Edrington's new strategy, we see evidence that we have put the right strategy into effect, and that it is delivering results.

"During this year of transition we have faced challenging economic and trading conditions with strong performances in key markets and shortfalls in others. In combination witht he influence of currency, this has adversely affected our results.

"Recent investment in distribution is showing benefits with the USA, Global Travel Retail and South East Asia delivering double figure growth.

"Edrington will continue to invest in its brands and in growing markets for premium spirits. Our new distillery and brand home for The Macallan is taking shape in Speyside, and we look forward to welcoming visitors in spring 2018."

Edrington announces plans for new headquarters
18/04/2016

Edrington, the maker of some of the world’s best-loved Scotch whiskies, including The Macallan, The Famous Grouse, Cutty Sark and Highland Park, and Brugal rum has today announced plans to move to a new HQ in central Glasgow in early 2017.

 

 

The proposed move will see the new HQ bring together Edrington’s Executive Board and other essential HQ functions, which are currently split between offices in Great Western Road in Glasgow and West Kinfauns in Perth.

 

Bringing all senior leadership and business units together in a single location will enable improved organisational alignment and performance.

 

 

 

The new HQ is expected to accommodate around 130 staff encompassing Edrington’s Executive Board, business units, finance, legal, corporate affairs, HR, global operations leadership, and elements of IT.

 

 

 

Edrington Chief Executive Ian Curle explained that the proposals will help the company compete more effectively in a challenging international premium spirits marketplace and enable long-term growth.

 

 

 

“Glasgow is where it all started for our founders William Robertson and John Baxter in 1861,” explained Mr Curle. “Bringing together our essential HQ functions in a new central Glasgow location will help us to continue to compete successfully in a tough global market and to capitalise on what we see as positive long-term prospects for the industry.

 

 

 

“This development will not only secure our position as one of Scotland’s leading businesses, but also help us to continue investing in our premium brands at home and abroad, which in turn contributes to the on-going success of Scotch whisky, Scottish exports and the Scottish economy.”

 

 

 

The plans will see Edrington consult with affected employees on the closure of its Perth office and with HQ staff at its Glasgow site on Great Western Road. There will be no impact on any of the company’s other six sites across the country.

 

 

 

The company’s desire under the proposals is to see as many employees as possible join its new Glasgow HQ and it will work closely with all affected staff throughout the consultation.

 

 

 

 

Edrington strengthens Middle East presence
14/04/2016

Edrington Fix Middle East (EFME),has announced today the acquisition of FIX W&S 50% equity in the business by Edrington for an undisclosed amount. As a result, Edrington is now the sole shareholder of Edrington Fix Middle East.

 

Igor Boyadjian, EFME managing director and one of FIX W&S partners, will leave his role as managing director. Martin Murdoch, currently regional director Russia, Emerging Europe and Turkey at Edrington, will become managing director of EFME.  Igor Boyadjian will oversee the transition and remain as an advisor until the end of 2016.

 

Igor Boyadjian said: “The EFME partnership has been a very positive one for all parties involved and the business has gone from strength to strength. It has become a very professional and skilled organisation, with the ability to deliver and make a difference in a highly competitive and volatile environment. 

 

“It was therefore a good time for both shareholders to review their long term commitment to the business and discuss control of the vehicle. I have therefore decided to pass the baton to Edrington in order to pursue other interests, ending a fantastic journey initiated with FIX back in 2005. I know the business, our team and our brand partners are in good hands, and that under Edrington’s guidance, the business will continue to strive for excellence and further success.”

 

Stewart MacRae, regional managing director for Russia, emerging Europe, Middle East, Africa and Turkey, added: "We have worked closely with Igor and his team for nearly eight years, first as a third party distributor and then in our joint venture. The partnership between Edrington and Fix has been very successful and the business has grown strongly. There is a great team of people in the Edrington Fix business and we look forward to further success as we grow the business together."

 

 

Ends

 

Alice Avis appointed non-executive director
04/08/2015

Edrington is pleased to announce that Alice Avis MBE has joined the Board as a non-executive director from 1 August 2015.

 

Alice brings significant experience and expertise of international brands, marketing and the spirits business. She was most recently the executive chair of skincare business Lumene Oy where she led a revitalisation and international expansion of the company. Her previous roles included chief executive and Chair of Sanctuary Spa Holdings, during which time she oversaw a trebling in the value of the business. She has also been director of marketing and e-commerce at Marks and Spencer and global brand director of Johnnie Walker, following initial roles in advertising and strategy consulting. Alice’s skills are therefore aligned with Edrington’s on-going growth and international expansion.

 

She is currently a non-executive director at beauty products business Cyden Ltd, a member of the Advisory Board at St Catharine’s College, Cambridge, and a member of the Commercial Panel of The National Trust.

 

Alice joins the board as Ronnie Bell steps down from the board, after completing ten years as non-executive director.

 

Ian Curle, CEO, commented, “We are delighted to welcome Alice to Edrington. She brings significant experience of building premium brands and the spirits business, which will be extremely valuable in supporting the continued growth of the company. In addition, her expertise in e-commerce is aligned with the growing importance of digital marketing in premium spirits.

 

“I would also like to thank Ronnie Bell for his valuable counsel and support during a period in which Edrington transformed from a largely Scottish-based organisation to an international premium brands company.”

 

Ian Curle
Edrington Financial Results 2015
29/06/2015

Edrington Financial Results for the Year Ended 31 March 2015

Corporate summary

Revenues of £617.1m and Earnings Before Interest & Tax (EBIT) pre exceptionals of £181.1m 

Brand turnover up 1.8%

Underlying EBIT growth of 4.6%

Dividend per share 29.4p. Full year up 10% at 41.2p 

Strong performance from new distribution companies, particularly in the US which recorded growth across the brand portfolio and double digit profit growth of The Macallan 

New team based in Singapore to service the Global Travel Retail market delivered growth in every region 

An exceptional non-cash impairment charge taken against the Brugal brand reflecting the difficult trading conditions in its key markets.

Brand summary

The Macallan grew turnover by 10.5%. The brand now occupies market-leading positions in Russia, China, Japan, South Korea and Hong Kong and has grown quickly to occupy the number two position in the USA, where the brand’s pricing strength reflects its pre-eminent premium malt positioning.

Highland Park delivered double digit year on year turnover growth, with the brand performing strongly in the USA.

The Famous Grouse maintained its position as Scotland’s and the UK’s favourite Scotch, increasing the brand’s volume and market share. The Famous Grouse also grew in several emerging markets including Turkey, Russia and sub-Saharan Africa.

Brugal encountered tough economic and competitive conditions in the key markets of Spain and The Dominican Republic, retaining leadership positions but losing volume year on year.

Cutty Sark grew volume and market share in its largest market, Spain, and launched its Prohibition Edition in the USA.

Snow Leopard vodka showed positive volume growth during the year with successful launches across the USA, Asia and Global Travel Retail. 

Edrington, Scotland’s premier producer and distributor of global spirits brands, including The Macallan, Brugal, The Famous Grouse, Cutty Sark, Highland Park and Snow Leopard vodka today announces its financial results for the year ended 31 March 2015.

The company delivered revenues of £617.1m and Earnings Before Interest & Tax (EBIT) pre exceptionals of £181.1m. This reflects strong performance from the company’s whisky portfolio but a subdued performance from Brugal. Eliminating the effect of a reduction in unbranded sales resulted in underlying EBIT growth of 4.6%, which the company feels properly reflects the core strength of the business.

Last year Edrington established its own sales, marketing and distribution companies in the US, South East Asia and the Middle East. Taking control of the company’s route to market has resulted in the brands, most notably The Macallan, continuing to expand their presence in the world’s most important premium spirits markets.  

Edrington also invested in the increasing important travel retail market and this year saw the launch of its new Global Travel Retail unit, based in Singapore, as well as a new joint venture based in Miami serving the market in the Americas and the Caribbean. 

In recognition of the subdued level of consumer demand in Spain and the Dominican Republic, Edrington has recorded a non-cash impairment charge to the carrying value of the Brugal brand. Edrington is continuing to focus on the premium market for Brugal after delivering 50% growth of the brand’s premium expressions, Extra Viejo and XV, in the last year.    

Premium and super-premium are forecast to remain the fastest growing segments of the overall spirits market. As a result, Edrington’s 2020 strategy is focused on building on its investments made in the brands and the route to market to enable it to further exploit opportunities in these categories, as well as realising the potential of Snow Leopard vodka and innovating in rum and whisky.

Commenting on the results, Ian Curle, Chief Executive of Edrington said: “Edrington enjoyed a good year in which we saw the benefits of controlling our distribution in the key spirits markets of the US and South East Asia and continued strong demand for our premium spirits. 

“Our whisky portfolio performed ahead of the market and this shows the strength of our brands, which are well placed to benefit further from continuing trends towards premium spirits.

“Edrington’s focus in the coming years will be on this increasingly important premium end of the market – with The Macallan as the Ultimate Luxury Spirit – and we continue to invest to support our growth objectives and our long-term prospects. Our strategy of investing for the long-term is evidenced by our expansion in the travel retail market and the on-going work to transform The Macallan estate, where work on the new distillery and visitor centre remains on track for completion in Spring 2017.

 “Finally, we welcomed two new directors during the year: Paul Hyde as managing director regional power brands and Alex Short as chief financial officer. Both are excellent appointments and are already making a significant contribution to Edrington.”

The Annual Report & Financial Statements are available here

 

Paul Hyde
Edrington announces new board appointment
31/03/2015

Edrington, the premium Scotch whisky and rum company, is pleased to announce that Paul Hyde is appointed to its main board with effect from 31 March.

Paul joined the company in 1997 and has worked in various finance roles before most recently becoming strategy and development director. He is an experienced member of the international executive and takes a leading role in the commercial development of Edrington.

Paul’s appointment follows a period of sustained growth and expansion for the company. He will assume responsibility for the company’s regional power brands and the Europe, Middle East and Africa region. His new role reflects Edrington’s optimism about the future growth from this portfolio.

Commenting on Paul’s appointment chief executive, Ian Curle said “I’m delighted to welcome Paul to the board. His wide range of experience will prove invaluable as Edrington focusses on its future sources of growth.”

Edrington European Travel Retail launches
23/03/2015

Edrington, the international premium spirits company, today announced the launch of Edrington European Travel Retail, a new unit that will focus on the world’s second largest travel retail market.

Edrington European Travel Retail begins operations on 1st April, replacing Maxxium Travel Retail, Edrington’s former joint venture with Beam Suntory. In October 2014 the two companies announced plans to create independent distribution businesses.

 

Edrington is also pleased to announce details of the senior management team that will spearhead the development of its brands in the European travel retail channel.

 

Kasper Andersen will lead the business as commercial director, reporting directly to Aristotelis Baroutsis, managing director of Edrington Global Travel Retail. Andersen, who will continue to be based in Sweden, was formerly area director, North & Central Europe, and acting managing director Edrington Nordics.

 

Edrington’s Garry Coull has been appointed financial controller, reporting to Andersen.

 

Steven Sleigh will lead the marketing function as marketing manager, based in Edrington’s offices in Scotland and reporting to Andersen.

 

Commenting on the formation of Edrington European Travel Retail and the initial appointments, Tellis Baroutsis said: “The travel retail channel is rapidly developing and Edrington European Travel Retail has been designed to get us closer to customers and consumers.

 

“I have been delighted to be able to draw on a wealth of marketing, commercial and financial expertise from Edrington and Maxxium Travel Retail. Under Maxxium’s stewardship our brands have achieved excellent results in Europe and as we move forward we will benefit from the strong relationships that have been built with customers across the region. 

 

“With travel, tourism and retail spend projected to grow dramatically in the next decade, Edrington has sharpened its focus on the potential that travel retail represents for our premium brands and increased investment in travel retail across the world. We look forward to continued strong growth for our portfolio.” 

 

Edrington Global Travel Retail was launched in Singapore on 1st October 2014. In addition to the European Travel Retail unit, it comprises Asia Travel Retail, Edrington Webb Travel Retail Americas, launched in January 2015 and the travel retail elements of Edrington FIX Middle East.

Edrington Webb Travel Retail Americas targets $1bn duty free market
16/01/2015

Edrington, the international premium spirits company and World Equity Brand Builders (WEBB) have today launched operations in a new joint venture: Edrington Webb Travel Retail Americas.

 

The two companies announced in August 2014 that they were in exclusive discussions about a distribution partnership for the travel retail channel in the Americas, including Canada, and the Caribbean.

Edrington Webb Travel Retail Americas launches operations in Miami today, January 16 2015, replacing Edrington’s previous distribution agreement with Rémy Cointreau Travel Retail Americas. WEBB has represented Edrington’s brands in the Caribbean for four years.

The new company combines the Edrington portfolio of The Macallan, Highland Park, The Famous Grouse, Cutty Sark, Brugal rum and Snow Leopard vodka with WEBB’s portfolio of Disaronno, Tito’s Handmade Vodka, Armand de Brignac, Licor 43, The Glenrothes and Tia Maria, as well as wines including Cupcake Vineyards Ramon Bilbao, Luc Belaire and Mionetto.

The travel retail channel in the Americas and the Caribbean represents nearly a quarter of total duty free spirit volumes worldwide, with more than 5 million cases of spirits per year. Including airport duty free stores, cruise lines and border stores, it has an estimated annual value of more than $1 billion.

The Edrington Webb joint venture follows the creation in October of Edrington’s new global travel retail business in Singapore. Led by Tellis Baroutsis, the unit will increase Edrington’s focus on this growth channel.

Juan Gentile, Edrington’s area director for the Americas said: "The creation of Edrington Webb expands our reach and bring us closer to customers and consumers in this valuable and dynamic market. Edrington and WEBB have worked together in the Caribbean since 2010 and I am delighted at this opportunity to extend such a successful relationship."

Edrington Webb Travel Retail Americas is led by an experienced management team including WEBB managing director Andy Consuegra, chief financial officer Ken Pfeiffer and Marcelo Colombo, who takes up the role of commercial director.

Andy Consuegra added: "We are honoured to partner with Edrington and build on a very successful relationship. Edrington Webb Travel Retail Americas offers a leading portfolio of premium spirit and wine brands, enabling our experienced team to focus on in-store execution, brand building and training all the way from Canada down to the Caribbean.

"We look forward to building excellent relationships with our customers and delivering strong results and long-term growth for our premium brands."

 

The Macallan receives planning approval for new £100m distillery in Speyside
05/08/2014

The Macallan has been granted planning permission by The Moray Council for a new £100m iconic distillery and visitor centre.

Works will now progress on the delivery of the new facility which is scheduled to open to the public in Spring 2017. 

The Macallan, one of the core brands of Edrington, Scotland’s premier producer and distributor of global spirits brands, has appointed Robertson, as preferred contractor for the new facility and Forsyths of Rothes as supplier of the distillation equipment.

Graham Hutcheon, Group Operations Director, Edrington, said: “We are delighted with the decision taken today by The Moray Council planning committee.  This permission enables us to forge ahead with our work on site.  Following a competitive tender process we have selected Robertson as our preferred contractor to deliver our new distillery and visitor centre.  We have assembled a first class team, including internationally renowned architects Rogers, Stirk, Harbour and Partners, and are confident that Robertson will complement the existing team and our aspirations for this project. 

“Only the external appearance of the distillery will change, the exceptional quality of The Macallan, which has been produced for many years using copper stills from Forsyths, will not be compromised and the same focus on attention to detail and personal care of the whisky’s production will be upheld.  The new distillery will undoubtedly become one of the most talked about distilleries, not only in Speyside but globally, and we look forward to starting on site soon.” 

In addition to creating a site of major architectural significance, the new distillery will ensure the on-going quality control of the production of The Macallan, both of which further consolidate The Macallan’s position as one of the world’s leading luxury spirits. Over time the distillery will deliver additional capacity to meet the growing demand from existing and new international markets. 

With its rolling roofscape, the distillery has been designed to complement the natural beauty of the area and The Macallan Estate, which overlooks the River Spey.

Bill Robertson, Executive Chairman, Robertson, said: “We are delighted and honoured to have been selected by The Macallan to build their new world-class, iconic distillery and visitor centre.

“As a local business we have worked in the whisky industry for many, many years and fully understand the aspirations of the sector. Perhaps more importantly we have taken the time to understand The Macallan, the business, its objectives and its reputation for high quality in all it does.
The project will be delivered in true partnership between ourselves and The Macallan and will result in a distillery and visitor centre which will become the benchmark for others to aspire to.”

Graham Hutcheon, Edrington, concluded; “With Robertson and Forsyths joining our professional team, we are delighted that regionally based businesses will benefit from our investment.  It is anticipated that due to the locations of both these companies even greater economic and employment benefits for the local and surrounding areas will be realised.”

The Macallan is recognised around the world as a marque of excellence and craftsmanship. The new facility will embody The Macallan’s uncompromising approach to quality and luxury. Work on site is due to commence in October this year. 

Ends

Tellis Baroutsis
Edrington creates new Global Travel Retail unit
02/07/2014

Edrington has announced the creation of a new global travel retail unit that will begin trading from October 1st.

Based in Singapore, the new business unit will be responsible for travel retail operations around the world, and will take over the management of the company’s existing travel retail businesses in Asia, Europe and the Americas.

The new unit will be led by Tellis Baroutsis, in the new role of managing director, Edrington global travel retail. Tellis will relocate to Singapore, where his first priority will be to introduce the ways of working that ensure both the success of the new business and the continued close co-operation with domestic markets.

Edrington recently posted full year financial results for the year ending 31 March 2014. Turnover, profit, and shareholder earnings grew in a year during which travel retail sales prospered:

The Famous Grouse retained its No.4 blended Scotch whisky position in the travel retail sector (source: IWSR) and has grown sales every year since 2009, including last year.

Edrington’s malts had a very good year in travel retail with The Macallan and Highland Park posting double-digit % sales increases.

Brugal, the company’s premium rum, also enjoyed a year of growth jumping from No.8 in the travel retail rum ranking to No.5.

Edrington's group commercial director, Scott McCroskie, said: “Edrington’s new global travel retail unit will increase our focus on this important high growth channel. Locating the unit in Singapore and appointing a proven business leader like Tellis Baroutsis demonstrates our confidence in the long term potential of our brands and the travel retail sector.” 

Edrington Financial Results 2014

Edrington Financial Results for the Year Ended 31 March 2014

30 June 2014

Edrington Financial Results for the Year Ended 31 March 2014

Corporate highlights

Group turnover up 3% to £607.7m

Group profit before tax up 3% to £174.0m

Dividend per share up 10% to 37.4p

Launch of sales and distribution companies in South East Asia, the Middle East and the USA

Over £100 million investment committed to The Macallan estate

 

Brand highlights

The Macallan grew across a broad range of territories where it is established as the pre-eminent premium malt.  

Highland Park had an excellent year, assisted by its award-winning Warriors range. The brand shows growth patterns that resemble The Macallan’s earlier development

The Famous Grouse performed strongly in the UK and Sweden and showed continued progress in emerging markets. A focus on innovation led to a successful Ginger Grouse (an alcoholic ginger beer) test market, and subsequent roll-out to the rest of the UK.

Brugal continued to invest in premiumisation and innovation, including new packaging and the launch of Brugal Suspiro (a low calorie premium golden rum) in Spain.

Cutty Sark showed a small volume increase in its key southern European markets. The brand’s new premium expression, Prohibition, is generating considerable trade and consumer interest in the USA.

Edrington prepared Snow Leopard vodka for new international markets in Asia and the USA. This highly engaging and premium vodka was created to fund conservation of an endangered species and joined the portfolio in 2013.

 

Edrington, Scotland’s premier producer and distributor of global spirits brands, including The Macallan, Brugal, The Famous Grouse, Cutty Sark, Highland Park and Snow Leopard vodka today announces its financial results for the year ended 31 March 2014.

The company has delivered another strong performance, with revenues up 3% to £607.7 million and profit before tax up 3% to £174.0 million. 

Edrington increased its presence in both established and emerging markets and made significant investment in its brands and its route to market.

Edrington’s route to market was transformed during the year with the establishment of new sales, marketing and distribution companies in South East Asia (Singapore) and the Middle East (Dubai) and in April 2014 Edrington Americas was launched, meaning the company now owns the route to market for its leading brands in the world’s largest premium spirits market.

In keeping with Edrington’s approach of investing for the long term, during the year plans were announced for an iconic new Speyside distillery and visitor centre for The Macallan. Edrington is investing over £100 million in the project and working with world-renowned architects Rogers Stirk Harbour + Partners – work is scheduled to begin in autumn 2014 and is due for completion in spring 2017.

Commenting on the results, Ian Curle, Chief Executive of Edrington said: “I am pleased to report that Edrington has delivered another strong year of growth. We have again increased our annual turnover, profit and dividend – over the past five years our turnover and profit have increased by 45% and 84% respectively, demonstrating the success of our international expansion.

The market for premium spirits worldwide continues to grow with more and more consumers gaining an appreciation for our brands. Last year we made significant investments in our route to market and now own the distribution capability in 11 countries which, together with our joint ventures, collectively represent 80% of Edrington’s total sales.

Our strategy of investing in quality and long term growth will continue this year. We have committed over £100 million to transform The Macallan estate with a new distillery and visitor centre, consolidating The Macallan’s position among the world’s leading luxury spirits as well as delivering additional capacity to meet growing demand. 

We remain optimistic about the Company’s long term prospects despite continuing economic headwinds in some countries and political unrest in others. 

Finally, I would like to thank Richard Hunter who retired in June after 33 years’ service with us, including 20 as finance director – he played an instrumental role in the success of Edrington and I wish him a very happy retirement. I’m delighted that Alex Short will be joining us in September from AG Barr as our new finance director.”

The Annual Report & Financial Statements are available on Edrington’s website by clicking here.

 

Notes to editors

Edrington owns some of the leading Scotch whisky and rum brands in the world, including The Macallan, Brugal, The Famous Grouse, Cutty Sark and Highland Park. In addition to its core brands, Edrington acquired Snow Leopard vodka in 2013.

Edrington owns its route to market in 11 countries, and operates the remainder through joint venture and third party agreements

The Company produces its brands at a number of specialist operations covering every facet of distilling, blending and bottling.

Edrington is headquartered in Scotland and employs around 2,300 people worldwide, with over 60% employed overseas.

Edrington is owned by a charitable trust, The Robertson Trust, which donated over £15m million to a variety of charitable causes last year.

The highest paid director’s annual remuneration for the year-ended 31 March 2014 was £803,000.  This is comprised of an annual salary of £414,000, an award under the annual incentive plan, pension contribution and the employee share scheme.  

Separately, £697,000 has vested from the long-term incentive plan granted in 2011 – vesting under this plan is based on the achievement of stretching financial and strategic performance targets over a three year period, during which Edrington increased profit before tax by 23%, shareholders’ earnings by 24%, and reduced debt by £89m.

 

For further information

Gerry O’Donnell

Corporate affairs director, Edrington

go’donnell@edrington.co.uk

M: +44 (0) 7771 982 502

 

Commonwealth Games logo
Edrington joins Glasgow 2014 sponsorship family
26/05/2014

Glasgow 2014 names The Famous Grouse as the Official Whisky of the Commonwealth Games.

The Organising Committee for the Glasgow 2014 Commonwealth Games has today (Monday 26th May) revealed that The Famous Grouse will become its Official Whisky.

The announcement coincides with Homecoming’s Whisky Month, which sees events taking place across Scotland to celebrate Scotland’s national drink.

Created in 1896 in Perthshire, The Famous Grouse has been Scotland’s no. 1 selling whisky for more than 30 years and sold in around 100 markets worldwide.

The agreement will see parent firm and international premium spirits company Edrington, which is headquartered in Glasgow, join the Glasgow 2014 sponsor family.

David Grevemberg, Glasgow 2014 Chief Executive, said:

“As a company with a strong and long established presence in Scotland, we are pleased to have The Famous Grouse on board as our Official Whisky. We will be working with Edrington from now until Games time on collaborative opportunities to showcase this special product while encouraging those celebrating the Games to do so responsibly.”

Ian Curle, Edrington chief executive, said:

“We’re excited about this perfect partnership. Edrington was born in Glasgow and over 150 years it has grown and developed to become an international business. That same spirit and dedication to excellence is at the heart of Glasgow 2014 and we’re very proud to raise a toast of friendship between The Famous Grouse and the friendly games."

Edrington Joins the Distilled Spirits Council
06/05/2014

Edrington, the international premium spirits company, has become the 16th member of the Distilled Spirits Council of the United States (DISCUS), the organisation announced today.

Washington DC - Edrington’s portfolio of leading brands includes The Macallan, Brugal rum, The Famous Grouse, Cutty Sark, Highland Park and Snow Leopard vodka.

Headquartered in Scotland, Edrington is privately owned by a charitable trust, The Robertson Trust, which donated £15.3 million to charitable causes in 2012/13.

“We are very pleased to welcome Edrington and the CEO of Edrington Americas, Paul Ross, to the Board of the Distilled Spirits Council,” said DISCUS CEO Peter H. Cressy.

“Edrington has remarkable brands and a business model that is unique to the industry. It is committed to DISCUS’s values of social responsibility and responsible alcohol consumption, and we look forward to its participation in our deliberations.”

Paul Ross, CEO of Edrington Americas, said: “We are delighted to be joining the Distilled Spirits Council at a time when Edrington’s presence in the United States is expanding significantly. I look forward to working with the DISCUS Board and continuing to build on our shared commitment to social responsibility.”

 

Notes to editors:

The Distilled Spirits Council is the national trade association representing America’s leading distillers and the vast majority of premium distilled spirits brands sold in this country. Since 1935, the Council and its predecessor organizations have served as the industry’s voice on public policy and legislative issues in the nation’s capital, state capitals and foreign capitals worldwide. A strong commitment to responsibility is the foundation of every aspect of its policy and programs.  For more information, visit: www.distilledspirits.org.

 

EDRINGTON LAUNCHES EDRINGTON AMERICAS
01/05/2014

Edrington, the international premium spirits company, today announces that it has established Edrington Americas, a wholly-owned sales, marketing and distribution company for the United States (US).

Edrington now controls all distribution of the company’s leading brands in the world’s largest premium spirits market.

Edrington’s portfolio includes many of the world’s most acclaimed spirit brands, including The Macallan, Brugal rum, The Famous Grouse, Cutty Sark, Highland Park and Snow Leopard vodka.

Headquartered in Scotland, Edrington is privately owned by a charitable trust, The Robertson Trust which, as a result of Edrington’s success, was able to donate more than £15 million to charitable causes last year. The company’s unique business model allows it to make long-term strategic investments in product quality and brand building.

The launch of Edrington Americas significantly strengthens Edrington’s route to market, through a quadrupling of headcount, an expanded New York headquarters and new regional offices in Miami, Chicago, Dallas and Orange County.

Paul Ross, President & CEO Edrington Americas said: “The US is the world’s largest premium spirits market and continues to grow significantly as more consumers gain an appreciation for premium spirits. Edrington’s award-winning brands, such as The Macallan and Brugal are already extremely popular among US consumers and the launch of Edrington Americas means that we are well positioned to capitalise on the opportunities for our portfolio.”

Edrington also announces today that it has signed long-term agreements with the leading distribution groups across the US, including Charmer Sunbelt Group, Martignetti Companies, Republic National Distributing Company, Wirtz Beverage Group and Youngs Market Company. These agreements establish Edrington’s route to US consumers across North America.

The launch of a significantly expanded business in the US demonstrates Edrington’s confidence in the continuing potential for growth in the market. Edrington Americas will allow the company to expand its reach to major cities across the US, where premium spirits - particularly Scotch malt whiskies and premium rums - are gaining market share and forecast to continue growing.

This is a key part of the company’s distribution strategy and builds on the success last year of establishing new marketing and distribution companies in South East Asia and the Middle East.

Alex Short
Edrington appoints Alex Short as group finance director
03/04/2014

Edrington, Scotland’s premier producer and distributor of global spirits brands, today announces the appointment of Alex Short as group finance director.

Alex is currently Finance Director at AG Barr plc, a role he has held since joining in 2008. Prior to that he spent twelve years at the whisky company William Grant & Sons where he held a number of senior roles, including Finance Director.

Alex will replace Richard Hunter, who will retire in June, after thirty three years with Edrington, including twenty as Group Finance Director.

Edrington is the maker of some of the world’s best-loved Scotch whiskies, including The Macallan, The Famous Grouse, Highland Park and Cutty Sark, and, as a Board Director, Alex will play a crucial role in the company’s continued international growth. Edrington recently established new sales, marketing and distribution companies in South East Asia and the Middle East and will shortly be launching its own distribution operations in the United States.

The company also recently announced its plans for an iconic new Speyside distillery and visitor centre for The Macallan, working with world-renowned architects Rogers Stirk Harbour + Partners.

Ian Curle, chief executive of Edrington said: “I am delighted that Alex is joining Edrington – he brings a wealth of experience of financial directorship as well as knowledge of the drinks industry from his time at AG Barr and William Grant & Sons. He will be an important member of our Board and I look forward to working with him.

“I would also like to pay tribute to Richard Hunter for his service to the company since he joined in 1981. Richard has been instrumental in the growth of Edrington, and his career has spanned the transformative integration of Highland Distillers and Brugal. On behalf of the entire Board I would like to wish him all the best in his retirement.”

The Macallan new distillery
Edrington announces plans to develop The Macallan estate in Speyside and create the world's finest distillery
02/12/2013

Edrington, Scotland’s premier producer and distributor of global spirits brands, today announces plans for an iconic new Speyside distillery and visitor centre for The Macallan, the world’s most prestigious Scotch malt whisky.

The company will work with the world-renowned architects Rogers Stirk Harbour + Partners to build the new distillery and visitor centre. 

Edrington plans to invest over £100 million in The Macallan estate to sustain the craftsmanship, attention to detail, and innovation that have become the hallmarks of the brand.

The Macallan is recognised around the world as the ultimate marque of excellence and innovation , and the new facility will embody these characteristics in a design that complements the natural beauty of the area and The Macallan Estate.

Creating a site of major architectural significance in the heart of Speyside will consolidate The Macallan’s position as one of the world’s leading luxury spirits.  Over time the distillery is expected to deliver additional capacity to meet the growing demand from existing and new international markets.

Ian Curle, chief executive of Edrington said: “This is a confident investment in the future of The Macallan and its home on Speyside. Our plan for the estate includes a contemporary distillery that embodies the international style of The Macallan and builds on the brand’s tradition of quality and craftsmanship. As this long-term investment develops it will bring significant employment and economic benefit to the local community.”

Ken Grier, Edrington’s director of malts said: “As a leading luxury single malt, it was imperative that we selected an architect that understood and respected the importance of the history of The Macallan but had the experience and skills to create a building that is inspirational in its interpretation of contemporary luxury. In selecting RSHP, we have chosen a partner that shares our values and pushes the boundaries of style and quality.

“Easter Elchies House plays an integral role in the history and future of The Macallan. The proposal from RSHP will retain the integrity and importance of Easter Elchies House and the estate in the future. We are confident that this will give international visitors an outstanding impression of both The Macallan and Scotland and will build on the brand’s position as the definitive luxury spirit.”

Graham Stirk, senior partner, Rogers Stirk Harbour + Partners said: "We are delighted to be working with The Macallan to realise their vision for the new distillery. This is a rare and fascinating project set within a great parkland estate. Our aim will be to reveal both the mystery of the place and the process, within this dramatic setting. “

Subject to receiving planning consent, work on the project will begin in autumn 2014 and is due to be completed in spring 2017.

 

Ian Curle
Edrington Financial Results for 2013
01/07/2013

Edrington, Scotland’s premier producer and distributor of global spirits brands, including The Macallan, Brugal, The Famous Grouse, Cutty Sark and Highland Park today announces its financial results for the year ended 31 March 2013.

These show that Edrington has delivered another strong year of trading, with revenues up 6.3% to £591.3m and profit before tax, excluding an exceptional charge taken in respect of the intangible value of the Brugal brand, up 13.3% to £168.6m. 

Edrington increased its brands’ presence in both established and emerging markets and 91% of total sales are now made outside of the UK.  During the year the company expanded its international operations with the creation of Edrington Africa in South Africa and has recently announced the creation of new sales, marketing and distribution companies in the USA, South East Asia and the Middle East.

Edrington increased shareholders’ earnings by 10.1% to £77.6m – maintaining the trend of double-digit growth over the last 3 year period – and increased its dividend by 13.3% to 34p per share.

Commenting on the results, Ian Curle, Chief Executive of Edrington said: “Edrington has delivered another record year of trading. In the face of challenging economic conditions in Southern Europe, our overall strength in both established and emerging markets has resulted in an increase in our turnover, profit and dividend.   

Our financial strength has underpinned significant brand share growth in key markets and this will be further strengthened by the establishment and expansion of distribution activities in the US, South East Asia, the Middle East and Africa, allowing us to bring our premium brands to ever more consumers.  The market for premium spirits continues to thrive, which will provide further development and expansion opportunities for Edrington.

I would like to thank our retiring Chairman Sir Ian Good for his forty four years of service, during which time he has transformed Edrington from a small Scottish producer to a premium international spirits company.  We will all miss his wise counsel and judgement, and wish him the very best for a happy retirement.”

Corporate highlights

• Group turnover up 6% to £591.3m
• Group profit before tax up 13% to £168.6m
• Dividend per share up 13% to 34p
• Creation of Edrington Africa and sales companies to be established in the USA, South East Asia and the Middle East

Brand highlights

• The Famous Grouse grew sales significantly around the world, becoming the number one Scotch brand by value and volume in the UK and the fourth largest standard Scotch brand in the world.  

• Emerging markets growth was particularly strong, including brand growth of more than 15% in sub Saharan Africa.

• The Macallan is now the No.2 brand by value in malt whisky, having grown its worldwide sales by over 40% in the last five years, twice the rate of the malt whisky category as a whole.

• Highland Park’s brand profitability increased by 20% over the past 12 months.

• Brugal grew its sales value in the USA by 22% over the past 12 months, with significant growth in in New York, Boston and Chicago.

• Cutty Sark gained market share in Spain and increased sales in the USA for the first time in twenty three years.

Edrington announces major international investment
17/06/2013

Creation of new distribution companies for USA, South East Asia and Middle East markets.

Edrington, Scotland’s premier producer and distributor of global spirits brands, today announces a significant expansion of its international distribution network, taking control of operations that span three continents and include the world’s largest and most dynamic spirits markets.

During the coming year Edrington will establish new sales, marketing and distribution companies in the USA, South East Asia and the Middle East.  Collectively these markets currently account for 26% of Edrington’s total sales.

This expanded distribution network significantly strengthens Edrington’s route to market and brings the company’s premium spirits closer to consumers in these key geographies.  It will allow for increased investment in Edrington brands and demonstrates the company’s confidence in the continued growth potential of its premium spirit brands.

• Edrington USA will assume the distribution of Edrington brands in the USA, the world’s largest premium spirits market.  Demand for premium malt whisky is growing by 16% per annum as the market adds a million new spirits consumers each year.  Edrington USA will expand the company’s reach to major cities across the USA, opening offices in Chicago, LA, Dallas, Miami and expanding its office in New York.  The company sees significant opportunities for the brands, particularly The Macallan and Brugal Extra Dry rum.

• Edrington Singapore Pte Ltd will manage the brands in markets across South East Asia, including Singapore, Malaysia, Vietnam, Indonesia, Thailand, the Philippines, Cambodia and Laos.  South East Asia has played an increasingly important role in the global success of Edrington, and The Macallan is the leading premium single malt whisky in South East Asia.

• Edrington FIX is a new joint venture with FIX Wines and Spirits that will distribute spirits to growing markets in the Middle East, the Gulf and North Africa (MENA). Edrington FIX will focus on key cities and the travel retail market.

This is the latest stage in Edrington’s strategy of growing its business in both new and expanding markets.   It follows the creation last year of Edrington Africa in South Africa, which targets key markets in sub-Saharan Africa.

“Today’s announcement marks a step change in Edrington’s business,” said Ian Curle, chief executive of Edrington.

“Worldwide demand for premium and super-premium spirits continues to grow and by expanding our distribution capabilities so significantly we are seizing the opportunity to increase investment in our brands and reach even more consumers who are showing a growing appreciation of premium spirits.”

Edrington announces new board appointment
03/05/2013

Edrington, the premium Scotch whisky and rum company, is pleased to announce that Scott McCroskie is appointed to its main board as group commercial director.

Scott joined Edrington in 2009 from Maxxium UK, the sales and distribution joint venture between Edrington and Beam Global. Initially handling the brands finance portfolio, Scott became commercial director in 2011, with responsibility for Europe, Asia, Middle East, India and Africa.

Under his leadership Edrington has moved rapidly to capitalise on the growth of premium Scotch whisky and rum in emerging markets. The company has recently opened an office in Johannesburg to develop sub-Saharan Africa, and signed partnerships with Les Grands Chais de France and Coca Cola Hellenic (CCH) to open up north Africa and eastern Europe respectively.

In its interim statement in November Edrington signalled underlying brand growth of 7%, reflecting strong performances in North America and Asia, and weaker results in economically-challenged southern Europe.

Commenting on Scott’s appointment chief executive, Ian Curle said “I’m delighted to welcome Scott to the board. His experience and leadership will be great assets as Edrington continues to develop internationally.”

 

Papa Andres
Brugal Papá Andrés Ultra-Premium rum launched at TFWA World Exhibition
23/10/2012

Brugal, Edrington and Maxxium Travel Retail will stage the global launch of an exclusive ultra-premium rum at a private event in Cannes on Tuesday 23rd October 2012.

Brugal Papá Andrés, which was created for and enjoyed by the Brugal family for five generations, has never before been released for sale with only a few bottles from the vaults finding their way into the hands of collectors over the years through charity auctions.

Affectionately named Papá Andrés after the company’s founder Don Andrés Brugal, this precious, limited edition rum provides rum drinkers, connoisseurs and collectors alike with a new expression of extraordinary quality to enjoy and to treasure.

Brugal Papá Andrés will play a key role within the Brugal portfolio providing a link with the heritage of this family-owned company.

Since its foundation in 1888, each generation of the Brugal family has reserved its most outstanding rums in order to craft a small number of bottles of their most exclusive product to be enjoyed at family celebrations.

For over 100 years, a limited number of casks containing this private reserve have been carefully guarded in Brugal’s cellars at the estate on the north coast of the Dominican Republic.
Each year a small portion of this rum is carefully extracted from the resting casks to prepare the annual bottling of Papá Andrés.  The cask is then replenished with a selection of aged rums chosen by the family’s Master Blenders and laid down again.

In the last decade, members of the fourth and fifth generations of the Brugal family have begun to evolve the profile of this family treasure by introducing top quality rum aged in European oak barrels alongside that aged in traditional American white oak casks, learning from the experience of their friends at The Macallan.

Franklin Báez Brugal, President of Brugal & Co, commented: “Papá Andrés is a rum which has evolved through the passion, care and expertise of five generations of Master Blenders, all of whom have been members of my family. Each year they have produced a unique rum bottling to celebrate the legacy left by our founding father, Papá Andrés. This year for the first time Brugal Papá Andrés will be shared with a select group of people who know and love our fine rum.”

The 2013 Brugal Papá Andrés limited edition, known by the name ‘Arcos’, is a glowing golden-amber colour. Delicate to the nose, it is imbued with fruity overtones from the various oak casks in which it has lain. Its aroma is elegant and complex, evolving as it settles in the glass, with subtle notes of caramel, wood, dried fruit and spices. Velvety on the palate, it is a well-balanced rum with subtle light, sweet notes and a long, smooth and refined finish.

Only a glittering crystal decanter designed by Tridimage and created by the world renowned crystal manufacturer, RCR in Sienna, Italy could do justice to this supreme limited edition rum. An ornate metal neck collar graces its slender neck and a metal face plaque has been hand polished and finished with a sand blast engraving inspired by Dominican architecture and executed by the Glencairn Crystal Studio in Scotland.

The decanter is displayed in an elegant, high quality gift box which also contains a booklet containing stunning photography of both the Dominican Republic and the rum crafting process.

The booklet, named Absent Presences, is a nostalgic trip to the past through the use of objects, documents, tastes and places which remind us that in 1888 in the Dominican Republic, a Spanish immigrant, Don Andrés Brugal Montaner, founded his first rum distillery.

Inspired by the rich history of Brugal, the Spanish author Espido Freire created the texts in the book accompanied by the stunning photography of Carlos Spottorno.

Brugal Papá Andrés ‘Arcos’ numbers just 500 units, which will sell in travel retail at around RRP €900 or US$1200.

The Robertson Trust
The Robertson Trust awards £1.5M to 75 Scottish charities
29/03/2012

At the last meeting of the Trustees for the financial year, 2011/12, a total of £1.5M was awarded to 75 Scottish charities. Of this £1.5M, £340K went to charities based near to Edrington sites. Some of these donations are listed below.

Bridges Programmes, Glasgow - awarded £46,500

Bridges Programmes based in Govan, is a specialist agency which works to improve access to education, training and employment for asylum seekers and refugees.

Maryhill Citizens Advice Bureau, Glasgow - awarded £45,000

Maryhill Citizens Advice Bureau has been operating in this area of North Glasgow, covering the communities of Ruchhill, Possilpark and Springburn, for over 30 years.

Preshal Trust, Glasgow - awarded £50,000

The Preshal Trust delivers a range of services to disadvantaged people in South West Glasgow from its base in Govan. It is an area with significant levels of unemployment, poverty and social problems. They provide social, recreational and educational activities to vulnerable families and those with addictions and mental health problems.

REACH Community Health Project,  Glasgow - awarded £30,000

Reach Community Health Project is based in the south side of Glasgow, home to a large minority ethnic, (ME) community. They work in partnership with the statutory health authorities to provide a Community Health Clinic to offer preventative health promotion, information and clinical advice.

Braidhaugh Pavilion Trust, Perthshire - awarded £15,000

Braidhaugh Pavilion Trust is responsible for maintaining the pavilion of Crieff and Strathearn Rugby Club. The club is heavily involved in the local and surrounding communities with a strong focus on increasing participation by young people of all ages and abilities as well as families. 

Brighter Horizons, Banff - £7,500

Brighter Horizons is a youth project, based in Banff, which runs a programme of activities including three, weekly drop-ins, lunch clubs and transitional work with young people moving into secondary school. 

Yoker Resource Centre, Glasgow - awarded £20,000

The Yoker Resource Centre runs the Dumbarton Road Corridor Youth Project which works in the communities of Yoker and Scotstoun, Glasgow. They run weekly sessions for 140 young people aged 5 to 16 years, holiday programmes and do some targeted work on substance misuse, health and anti-social behaviour. 

Royston Youth Action - awarded £30,000

Royston Youth Action (RYA) was established in 1992 to work with young people in this area of north Glasgow that has long suffered from high levels of crime, poor housing and poverty.

Norman Murray
Norman Murray appointed as a Non-Executive Director of The Edrington Group
23/03/2012

The Edrington Group is pleased to announce the appointment of Norman Murray as non-executive director. With a successful forty year career in business, Norman is currently the chairman of Petrofac Limited, a FTSE 100 international oil services company.

He combines this role with senior independent director positions at Greene King PLC and until recently Robert Wiseman Dairies PLC and Cairn Energy where he was chairman until last year.

A graduate of Heriot Watt University and a CA, Norman has enjoyed an illustrious career at home and abroad. After training as a CA he worked for Peat Marwick Mitchell (now KPMG) in Hong Kong before returning to the UK and holding senior positions in the banking, corporate finance and private equity industries with RBS, Charterhouse, Morgan Grenfell and Deutsche Bank.

Welcoming the appointment, Ian Curle, chief executive, said "Norman´s vast experience in business will be an important asset as the Group plans its next phase of growth."

Norman´s appointment is effective from 1st April 2012 and he joins Ronnie Bell, non-executive chairman of Premier Foods, and Callum Barton, former president and chief executive of Richemont North America, as non-executive directors.

Stillhouse
Edrington goes renewable
12/03/2012

Following a deal struck with Scottish & Southern Energy, all Edrington sites in Scotland are being now supplied with renewable electricity. The deal that started in January has reduced the Group´s reliance on fossil fuels by 5%.

Although this may seem like a small figure, it is a significant step towards achieving the company´s aim for the SWA and Scottish Government´s targets of 20% reduction in fossil fuel use by 2020, and 80% by 2050.

But gas or oil still forms the remaining 95% of energy use in distillation operations and this is purely fossil fuel derived.

Edrington continues to look at renewable alternatives to fossil fuel and a recent example of this is a combined heat and power biomass project for Macallan.

Having committed to this venture, the developer will be applying for planning permission in late spring. This pioneering project would reduce the Group´s entire Scottish operations´ reliance on fossil fuel by 60%. Furthermore, it would take Edrington to the forefront of sustainable energy use in the Scotch whisky industry.

In the last five years, the price of gas has risen by 50% and this has led to a strong focus on energy efficiency improvements in distillation operations. In the same period, investment in heat recovery equipment and improved processes has led to a reduction in energy use of almost 20%, negating some of the effects of the price rise.

Graham MacWilliam, general manager, distillation, said: "It is vital that we continue to improve and develop innovative energy efficient projects.

"In addition to efficiency, we have also switched our primary fuel at Highland Park from heavy fuel oil to kerosene. This has the advantage of being lower in sulphur and nitrogen oxides therefore considerably more environmentally friendly."