Profit before tax grew 6% to £411 million. The growth was driven by double-digit sales of The Macallan, particularly in the Asia Pacific region and the global travel retail (GTR) space.

Despite a global downturn in consumer spending in the latter half of the year, Edrington continued to invest heavily in its supply chain, acquiring the Vasyma cooperage in Spain and a 50% stake in Coopers Oak of Ohio to secure the oak casks essential for The Macallan’s production.

Chief executive Scott McCroskie acknowledged the challenging economic climate and predicted lower growth levels in the coming year.

Mr McCroskie said: “Edrington has navigated a challenging year to deliver financial results that are among the best in the spirits industry. Our strategy of focusing on ultra-premium spirits continues to deliver healthy brands and a strong underlying performance.

“However, we consider that the economic pressures that we saw in the second half of last year will adversely affect demand. While we will continue to invest in our brands, in our operations and in sustainability, the business is planning for the coming year on the basis of lower levels of growth than we have experienced since the end of the pandemic.”

Looking ahead, Edrington’s leading brand The Macallan has launched celebrations to mark its 200th anniversary, featuring a unique partnership with Cirque du Soleil and the brand will launch a range of new products, experiences and campaigns over the coming year.