Glenfiddich owner William Grant & Sons saw revenue and profit after tax increase by double digits last year.
The Scottish spirits group reported turnover of £1.96 billion (US$2.63bn) in 2023, up by 14% from £1.72bn (US$2.1bn) in the previous year.
Profit after tax soared by more than a third (34%) to £444 million (US$595.6m) last year, following the £331.3m (US$403.6m) reported in 2022.
The company, which also owns Hendrick’s gin, said the ‘strong’ full-year performance came despite a ‘volatile macro environment’.
Søren Hagh, who became CEO of William Grant & Sons on 1 January 2024, said: “Despite 2023 being a year faced with supply chain challenges and macroeconomic shifts, we are proud of the growth delivered across our portfolio of leading brands and look forward to continuing to build an ever-stronger company that delivers for our customers and consumers.”
During 2023, William Grant said it had continued to build an ‘increasingly effective and efficient organisation with the capabilities needed to perform well into the future’.
The firm also made investments in capital expenditure projects and added to its gin portfolio with the purchase of English brand Silent Pool.
The full-year results were announced in the same week as William Grant’s acquisition of blended Scotch whisky brands The Famous Grouse and Naked Malt from Edrington.
The brands join the group’s core Scotch portfolio, which includes single malts The Balvenie and Glenfiddich, and blended whiskies Grant’s and Monkey Shoulder.
It also produces rare Scotch brand House of Hazelwood, blended whiskies Wildmoor and Clan MacGregor, and single malts Aerstone and Ailsa Bay.
In addition to Scotch, the group owns Sailor Jerry rum, Irish whiskey Tullamore Dew, Reyka Vodka and Milagro Tequila.
The group is the maker of four million-case brands according to The Brand Champions 2024 report – Glenfiddich, Grant’s, Tullamore Dew and Hendrick’s.
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Author: Nicola Carruthers
