Glasgow-based spirits company Edrington have announced record growth after exceeding £1 billion in core revenue for the first time. The incredible figure relates to the full year ending March 2023 and represents a 22% increase compared to the company’s results for the 2021-2022 year.

Edrington Chief Executive Scott McCroskie claimed that the “outstanding growth” came in the face of external economic challenges. Nevertheless, he stated that the “trading environment is improving” and Edrington’s brands had strong sales in almost every market they sell in.

Macallan is undoubtedly the largest jewel in Edrington’s crown and fittingly the iconic Speyside brand led the way for this success. High demand for new releases such as the Red Collection 77 Year Old (which retailed for an impressive $87,000) and the James Bond Collection contributed to the company’s performance.

It wasn’t all about Macallan however, as Edrington’s other brands such as Highland Park continued to perform well. It was noted that well known blend Famous Grouse continued to perform well and witnessed a “recovery” in its travel retail performance.

Beyond the world of whisky, Edrington’s premium rum brand Brugal experienced substantial growth, particularly in Spain and the Dominican Republic.

This incredible return has led to Edrington reporting record investment across their brands. Brand investment reached £232.2 million in this period, which is a 28% increase on the previous year.

Such developments include Macallan’s 50% stake in Spanish producer Grupo Estévez, which has allowed Macallan to have an exclusive supply of the group’s sherry casks. Additionally, investment in environmental efforts resulted in Edrington meeting their carbon reduction targets for the year with to achieve net zero by 2045.

McCroskie believes that despite the challenging economic landscape, Edrington’s “healthy brands, […] effective strategy and record levels of investment in the business” mean the company is “well positioned to deliver sustainable success in the future”.

Edrinton’s growth follows the Scotch Whisky Association announcing record sales for the Scotch whisky industry in 2022. Earlier this year they reported that the value of Scotch whisky exports exceeded £6 billion for the first time. The record breaking value of £6.2 billion was an impressive 37% higher than the previous year, while the quantity of 70cl bottles also reached 1.67 billion units - a 21% growth.

These figures reflect the industry’s relatively quick recovery from the covid pandemic, with sales already exceeding 2019 levels.

While not every company may be reaching the lofty heights of Edrington’s growth, the overall picture is of a Scotch whisky industry in good health. Which I’m sure we’d all agree is something worth raising a glass to.