Scotch whisky maker Edrington reports a 5% increase in annual profits to £120m as core ranges grow, offsetting a 14% revenue decline.
Edrington posted a 14% drop in statutory revenue to £922.3m ($1.22bn) for the year ended 31 March, driven by weaker demand for premium spirits and adverse currency effects. Core revenue, excluding currency and non-core activities, fell 3% to £855m.
Earnings before interest and tax (EBIT) declined 24% to £226.6m, while pre-exceptional EBIT fell 10% to £283.1m. The company attributed the sharper statutory revenue decline to strategic decisions, including ending third-party brand distribution in the UK.
Despite the revenue drop, profit attributable to owners rose 5% to £120m, though pre-exceptional profit fell 14% to £108m. Edrington highlighted growth in its core ranges and gains from asset sales, including The Famous Grouse and Wyoming Whiskey.