It has not been the easiest time for Scotch whisky exporters of late, with major distillers highlighting difficulties in key overseas markets . And Chivas Brothers, the Dumbarton-based distiller of premium brands such as Ballantine’s, Royal Salute, and Chivas Regal, has certainly not been immune. The company, part of French drinks giant Pernod Ricard, published results today that underlined the industry’s vulnerability to shifting economic and geopolitical sands.
READ MORE: Historic Paisley accountancy firm taken over It was a tale of two halves, to borrow the old sporting cliché, as a sharp reversal of sales in the first half was followed by a strong recovery in the second. But while Chivas was understandably encouraged by the second-half revival, it was not enough to prevent sales from falling marginally over the year. The company reported that net sales for the year to the end of June were down 1.
6% compared with 2023. This is unlikely to have pleased the distiller’s accountants but there was plenty in the results to offer grounds for optimism, with expansion in Africa and the Middle East – where net sales grew by 35% - especially eye-catching. However, this was offset by sharp downturns across the Atlantic.
Net sales in North America declined by 19%, as the industry continues to grapple with inventory and pricing issues, and by 8% in Central and South America, which are traditionally volatile markets for whisky exporters. READ MORE: Tired Glaswegians want action.