Edrington full-year sales tumble 10%
Scottish spirits firm Edrington saw revenue fall by 10% in the year to 31 March 2025, caused by a ‘challenging economic environment’ and reduced consumer demand.
In its 2025 full-year financial results, Glasgow-headquartered Edrington witnessed a 10% drop in its core revenue from £1.16 billion (US$1.47bn) to £912 million (US$1.25bn).
The firm said it had experienced the ‘full-year impact’ of reduced consumer demand, however its core contribution was 38% ahead of pre-pandemic levels.
The decline in sales was broadly consistent across international markets, with exceptions including a ‘resilient’ performance by Brugal rum in the Dominican Republic and The Macallan in South Korea and Japan.
The Macallan 12-, 15-, and 18-year-old expressions continued to grow in China. The company saw high consumer demand for products launched to celebrate the brand’s 200th anniversary.
Meanwhile, core contribution – the total revenue from sales of continuing Edrington-branded products – declined more sharply, reflecting increased production and employment costs.
The business reduced brand investment by 9% in line with the reduction in revenue, although the reinvestment ratio remained at market-leading levels at 24% of core revenue.
The reported results for 2025 exclude The Famous Grouse and Naked Malt, whose sale to William Grant & Sons was completed yesterday (1 July). As such, these brands are recorded as discontinued operations.
Commenting on the results, Edrington chief executive Scott McCroskie said: “After several years of unprecedented growth for premium spirits and industry-leading results posted by Edrington, the business felt the full effect of the global economic downturn during the year.
“Our focus on ultra-premium spirits has driven Edrington’s growth in recent years and we have continued to execute our strategy despite the hostile trading environment. This includes further strategic investments in our Sherry cask supply chain and in reducing our carbon footprint.
“On 1 July 2025, we completed the sale of The Famous Grouse and Naked Malt brands to William Grant & Sons. This reflects our choice to focus on the premium end of the market, where we are best placed to compete.
“Looking ahead, the political and economic backdrop remains volatile, which we expect will continue to weigh on consumer sentiment in the coming year. We believe top-line growth will be difficult to come by in this environment, although adjustments to overheads and brand investment are expected to align net sales and core contribution more closely next year.
“Edrington’s strategic focus on ultra-premium spirits remains effective. We will continue to execute it to strengthen our brands and our business for the long-term benefit of our investors, our employees, and those who benefit from our own and our principal shareholder’s charitable activities.”
Corporate highlights
The company noted that its leading brand, The Macallan, recorded its second-highest year to date for sales in what was its bicentennial year, reinforcing its position as the world’s number one single malt Scotch whisky by value.
Furthermore, the company completed a quartet of acquisitions and investments, which began in 2023, to establish an end-to-end supply chain of the highest quality Sherry-seasoned oak casks for The Macallan through a new partnership with the Tevasa cooperage in Jerez and two sawmills in northern Spain.
Meanwhile, the firm marked the rebrand and launch of new packaging for Orkney-based whisky producer Highland Park, as well as an upgrade of its distillery that will reduce carbon emissions by up to 20%, as highlights.
