The dip is attributed to market and inventory normalisation after two years of exceptional growth. Despite this, the company maintains its market outperformance due to its strong whisky portfolio and global presence.

Demonstrating a robust +11% compound annual growth rate (CAGR) since H1 FY21, Chivas Brothers displays a strong and stable growth trajectory despite significant global market fluctuations.

The H1 FY24 performance highlights the success of the premiumisation strategy, with a strong price/mix effect driving results. Royal Salute, a luxury whisky brand, achieved an impressive +8% organic net sales growth during the period, reinforcing the company’s commitment to offering prestigious brands and experiences.

Chivas Brothers’ chairman and CEO, Jean-Etienne Gourgues, commented: “Our H1 FY24 performance paints a clear picture of whisky market normalisation while also demonstrating the positive impact of strategic business decisions made in line with our premiumisation strategy.

“Whisky is a long-term game: we remain focused on our ambition to open up to new markets and consumers through product innovations and brand experiences.”