The results reflect stabilisation against a record prior year, with a -6% dip in H1 offset by +5% growth in H2. Favourable pricing across brands countered volume slowdown, partly due to the halting of all exports to Russia. Excluding this market, net sales were up +1.4%.

Premiumisation strategy pays off as Prestige whisky demand continues to strengthen

Chivas Brothers’ Prestige range grew ahead of the rest of the portfolio for the third year in a row, with Royal Salute achieving a historic high in absolute net sales and an FY24 uplift of +5%.

Royal Salute’s positive performance was driven by its 21 Year Old Signature Blend as well as contemporary expressions such as the Miami Polo Edition, signalling that consumers are seeking high-end whiskies connected to bespoke, cultural experiences.

Broad and balanced global footprint drives resilience for key strategic brands

With a +12% CAGR since FY21, Chivas Brothers has demonstrated a strong growth trajectory, underpinned by its ability to weather temporary fluctuations in the global market due to its broad and balanced global footprint.

Ballantine’s capped the year at +1%, beating the market in 70% of its focused measured markets. Despite a modest decline in net sales (-1.2%), Chivas Regal gained share in 50% of its focused measured markets3, while The Glenlivet’s exposure to North America resulted in a single-digit decline (-6%) in FY24.

At a regional level, Chivas Brothers saw positive performances in Western Europe (+5%) and throughout Asia, notably in Japan (+22%), while Greater China (-1%) continued to stabilise. Eastern Europe (-25%) performed at +8% excluding Russia, while pocketed downturn in domestic regions including North America (-19%) and Central and South America (-8%) are attributed to category softening. This was largely offset by continued expansion in Africa and Middle East (+35%), making it the number one contributor to growth overall in this period.

Finally, Global Travel Retail saw +4% growth, with strong performances from Ballantine’s, The Glenlivet and Royal Salute.

Continued investment in sustainability commitments

As part of its commitment to positively shape the future of Scotch, Chivas Brothers continues to take action across its business, investing in initiatives that reduce its carbon footprint and enable it to meet its sustainability targets:

• Chivas Brothers has reduced its carbon-intensity based emissions (measured as Scope 1 and 2 emissions per kilolitre of distilled alcohol) by 24% (since baseline year 2018)
• Commenced mechanical vapour recompression (MVR) installation at its largest and only grain distillery, Strathclyde, in Glasgow, and completed installation at its Allt-A-Bhainne site (FY24)
• Along with Simpson’s Malt Limited and OCI Global, invested in a pilot programme using carbon-saving fertiliser, with potential to reduce the amount of greenhouse gas emissions created in the growing of barley and wheat for whisky production, by up to 20% (FY24)

Chivas Brothers chairman and CEO, Jean-Etienne Gourgues, said: “Our FY24 performance demonstrates resilience and stability, underpinned by our impactful premiumisation strategy which delivered an upward trajectory in the second half of this fiscal (January-June 2024).

“We’re lapping two historic years, a complex geopolitical landscape and ever-changing consumer trends, yet still delivering on our strategic vision, owing to our broad and balanced footprint.

“We are also leading from the front when it comes to sustainability in our industry, making significant investments that ensure we can meet our ambitious environmental targets while increasing capacity to meet the global demand for Scotch whisky.”