International spirits company Edrington flagged soft demand for higher-end whiskies as it reported a 14% decline in full-year revenues.
Sales at the Glasgow-based Edrington, which makes scotch whisky brands The Macallan and Highland Park, as well as No.3 London Dry Gin, fell to £922.3m in the year ended 31 March 2026, down from £1.07bn the year prior.
Pre-tax profits, meanwhile, slid 23% to £199.6m.
Edrington, which completed the offload of The Famous Grouse and Naked Malt blended whisky brands to William Grant & Sons during the reporting period, said revenue from “core” operations had fallen by just 3%.
The decline in sales reflected “lower demand for high-value prestige products,” but was mitigated by the strong performance of The Macallan brand, Edrington said, adding that sales of The Macallan 12-year-old were up by double digits.
Meanwhile, “core contribution” – defined as profits from branded sales and distribution after the deduction of overheads on a constant currency basis – climbed by 1%.
“Our performance this year reflects both the strength of our brands and a disciplined approach to execution in a challenging market,” said Edrington CEO Scott McCroskie. “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.”
Proceeds from the sale of The Famous Grouse had been used to reduce borrowings, Edrington revealed. Net debt at the end of March stood at £265m, down 62% on the year prior.
“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,” McCroskie said. “We will continue to pursue growth opportunities whilst maintaining discipline over costs and investing in our brands, our operations and sustainability.
“This will ensure the business is well placed to perform strongly in the future.”
It comes after Ian Macleod Distillers revealed it had cut annual production at its Glengoyne and Rosebank distilleries by 30% amid declining global demand for whisky.
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