Scottish billionaire whisky family posts plunge in profits
The company said: 'In a year marked by industry-wide challenges, the decline in revenue compared to 2023 is in line with market trends, including the continuation of significant destocking.
'The reduction in profit reflects both these market conditions but also continued investment in the Company's brands and infrastructure, demonstrating confidence in the future of the spirits industry.'
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The company also said: 'Despite these significant headwinds, William Grant & Sons maintained its commitment to quality and innovation.
'This was demonstrated by the announcement of Glenfiddich's multi-year partnership with the Aston Martin Formula One team in November 2024, bringing together two brands renowned for their heritage, innovation, and pursuit of excellence.
In addition, the Company reached an agreement to purchase The Famous Grouse and Naked Malt brands, the completion of which was finalised this month.
Søren Hagh, chief executive of William Grant & Sons, said that "2024 was a challenging year for the spirits industry, with both global economic conditions and continued destocking weighing heavily on performance in comparison to 2023", adding: "That being said, profits were broadly in line with 2022 and our confidence in the future of spirits means we have continued to invest in both our brands and distilleries for the long-term."
William Grant & Sons is a sixth-generation independent family-owned distiller headquartered in North Lanarkshire and founded by William Grant in 1887.
The company distils, bottles, and distributes some of the world's leading brands of Scotch whisky and other spirits, including the world's 'most-awarded single malt Scotch whisky' Glenfiddich, The Balvenie range of handcrafted single malts, Monkey Shoulder blended malt Scotch and super-premium Hendrick's Gin.
Other spirits in the portfolio include Grant's and The Famous Grouse blended Scotch whiskies, Tullamore D.E.W. Irish whiskey, Sailor Jerry spiced rum, Drambuie whisky liqueur, Milagro tequila, Reyka vodka, Discarded Spirits Co. and ultra-premium Silent Pool Gin.
Last September, William Grant & Sons reported a turnover of £1,962m, with a profit of £444m after tax for the year ending December 31, 2023.
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