Edrington Group reports sharp rise in profits
Spirits group Edrington has reported a sharp rise in revenues and profit.
The Glasgow-based distiller, whose portfolio includes The Famous Grouse, The Macallan and Cutty Sark, saw group revenue jump by 22% to £701.3m in the year to 31 March.
Pre-tax profits climbed by 31% to £189m.
Edrington said higher investment in brand marketing and "greater focus on consumers" had contributed to "an encouraging performance".
It added that its results had also been "impacted significantly" by the fall in the value of sterling against all major currencies.
The company boosted marketing spend during the year by 18% to £110.7m, as part of a drive to "invest for the long-term health of our brands".
In its annual review, the group said The Famous Grouse "retained and strengthened its leading market position in the UK".
However, it also pointed out that "the continued suppression of the blends market" had an adverse impact on both that brand, and Cutty Stark.
Its Brugal rum brand returned to strong growth in its two core markets - the Dominican Republic and Spain - while delivering "positive momentum in other markets".
There was also a good performance from its Highland Park single malt, despite a "highly competitive environment".
Chief executive Ian Curle 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.
"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."