UK: Edrington Group plots Asia, US push on strong full-year
- FY net profits leap by 25% to GBP72.7m (US$116.9m)
- Operating profits up by 14% to GBP161.2m
- Net sales rise by 18% to GBP553.4m
- Group to open office in New York, takes control of China distribution
The Edrington Group toasts strong year
The Edrington Group is looking to consumers in Asia and the Americas to help it build on rises in both sales and profits in its most recent fiscal year.
Net sales for the 12 months to the end of March rose by 18% to GBP553.4m (US$889.8m), Edrington said today (4 July). Operating profits increased by 14% to GBP161.2m, while net profits leapt by 25% to GBP72.7m (US$116.9m).
The Scotch whisky distiller said that it is planning to build on its strong performance by pushing sales in North America and Asia.
It is in the process of opening a sales office in New York. "The primary focus [of this] is the North American premium spirits market where our brands have significant potential and the market continues to grow," said Edrington, which produces The Famous Grouse, Macallan and Highland Park whiskies, as well as Brugal rum.
"The team will also oversee South America and identify opportunities for the development of our brands as this
region continues to enjoy economic growth," it said of the New York office.
On the other side of the globe, Edrington said that, as of 1 April, it has taken control of the Maxxium distribution businesses in China and Hong Kong. "Asia has been an area of significant growth for Edrington over the last number of years," said the group.
Over the last year, Edrington said that branded sales have been driven by "increased investment and improved economic conditions in many of our markets", although the group continues to suffer from the tough economic conditions in Greece and Spain.
"During the year, we made significant investments in our operational assets in both Scotland and the Dominican Republic," said Edrington. "We also continued to lay down substantial whisky stocks to enable the long-term growth of our brands."
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