Irish Distillers has announced full year financial results for 2022/2023 (ending 30 June 2023) with the business experiencing over 11% net sales growth across its portfolio of Irish whiskeys in the year.
The results show that Jameson is now a top three selling international whiskey brand and a top 10 international spirits brand after achieving net sales growth of over 10% globally supported by continued growth in key markets including Ireland, South Africa, UK, Global Travel Retail and Poland.
Jameson recorded net sales growth of over 56% in Asian markets, including India, China, South Korea, and Japan.
Irish Distillers said the results show the continued globalisation of the Jameson brand as a result of focused brand building and investments in key markets over the past number of years.
In the US, Jameson recorded mid-single digit depletions value growth, which Irish Distillers said shows a post-Covid normalising market context.
Powers Whiskey saw net sales growth of over 18% in the year, primarily driven by the US market.
Irish Distillers’ prestige portfolio, which is comprised of Redbreast, Midleton Very Rare, Spot Whiskeys, Method and Madness and Knappogue Castle, recorded net sales growth of over 22% in the financial year.
The drinks giant said Irish whiskey is becoming an increasingly significant player in the higher-end whiskey market globally, with increased supply of ultra-premium+ and exclusive Irish whiskeys including Midleton Very Rare Silent Distillery Collection.
Irish Distillers noted that the spirits market in Ireland generated sales of over 6% in the calendar year 2022.
Against this backdrop, Irish Distillers’ portfolio of spirits brands recorded growth during 2022/2023 with Jameson recording over 14% growth and prestige Irish whiskeys recording over 19% growth in the domestic market.
'Potential For Growth'
“Traditionally strong markets for Irish whiskey continued to deliver growth in the year, and the strength of sales in Asia shows that our strategy of diversifying Jameson and our prestige portfolio is working, with more consumers getting to know and love our portfolio of Irish whiskey,” said Nodjame Fouad, chairman and CEO at Irish Distillers.
“We are very proud of the achievements of our brands in the year, and we believe that the potential for growth of our full portfolio is enormous which is why we will continue to deliver on our business strategy and to ignite, or in many cases re-ignite, a passion for Irish whiskey in markets around the world.”