Edrington chief toasts near-50% pay increase

Published on Thursday 27 November 2008 20:31

IAN Curle, chief executive of the Edrington Group, took home nearly £750,000 last year, a near-50 per cent increase in his salary and bonuses package.

The whisky group's latest accouns show that Curle, who became chief executive in 2004, was paid 303,000 in the year to 31 March, along with 409,000 from "incentive plans related to both annual and long-term targets", a total of 712,000.

In the previous financial year, Curle, who joined Edrington in 1986, received a salary of 290,000 plus 185,000 through the group's incentive plan – a package of 475,000.

His salary details were revealed yesterday in accounts filed with Companies House. A spokesman for Edrington told The Scotsman: "The percentage increase in the basic salary of the chief executive is in line with that awarded to other employees in the group.

"The main increase in the chief executive's pay package relates to a long-term incentive plan and other payments, which are based on demanding targets set by the company's remuneration committee, chaired by a non-executive director."

The spokesman added: "During the three years to 31 March, the group's profit before tax has increased by 25.6 per cent, its shareholders' earnings have risen by 31.4 per cen,t while dividends have grown by 31.6 per cent and have outperformed the performance targets set by the remuneration committee."

News of Curle's pay rise came as Edrington revealed it had signed an agreement with SPI Group for the exclusive UK distribution rights to Stolichnaya, the premium Russian vodka known as "Stoli". Maxxium, Edrington's distribution partner, poached Stoli from Pernod Ricard, which currently holds the UK rights.

Commenting on the outlook for the group, Curle said: "Economic cycles come and go, however, it does look as if we are in for a sustained downturn, not just in the UK economy but in many global markets.

"As we move through the next year or two, we must hope the short-term fluctuations in financial markets will settle and we can perhaps look forward to a more normal period of economic recovery and stability.

"In the meantime, our priority as a business is to stay focused on producing and developing our strong portfolio of premium international spirits brands."

He said that, overall, Edrington's board was "generally cautious" about the economic outlook.

As previously reported by The Scotsman, Edrington – which makes Famous Grouse, Highland Park and The Macallan – turned a record pre-tax profit of 75.6 million in the 12 months to 31 March, a 9.7 per cent rise on the previous year.

Sales reached 291.5m, up by nearly 5 per cent and representing a tripling of turnover since Edrington bought Highland Distillers for 601m nine years ago.