The company saw a drop from £1.16bn to £912m, which it said was as a result of “a challenging economic environment”.
Edrington also said it experienced the “full-year impact of reduced consumer demand”, however core contribution was 38% ahead of pre-pandemic levels.
The decline in sales was broadly consistent across international markets, with exceptions including Brugal rum in the Dominican Republic and The Macallan in South Korea and Japan.
The Macallan 12, 15 and 18-year-old expressions continued to grow in China and the company saw high consumer demand for products launched to celebrate The Macallan’s 200th anniversary.
Core contribution declined more sharply, due to increased production and employment costs.
The business reduced brand investment by 9% in line with the reduction in revenue, although the reinvestment ratio remained at 24% of core revenue.
The Famous Grouse and Naked Malt brands were excluded from this report, as the brands were, as of 1 July, sold to William Grant & Sons, and are recorded as discontinued operations.
Scott McCroskie, chief executive of Edrington, said: “After several years of unprecedented growth for premium spirits and industry-leading results posted by Edrington, the business felt the full effect of the global economic downturn during the year.
“Our focus on ultra-premium spirits has driven Edrington’s growth in recent years and we have continued to execute our strategy despite the hostile trading environment. This includes further strategic investments in our sherry cask supply chain and in reducing our carbon footprint.
“Looking ahead, the political and economic backdrop remains volatile, which we expect will continue to weigh on consumer sentiment in the coming year. We believe top-line growth will be difficult to come by in this environment, although adjustments to overheads and brand investment are expected to align net sales and core contribution more closely next year,” McCroskie continued.
