Spirits supplier William Grant & Sons has seen its profits slide by almost a third after a year it described as blighted by “industry-wide challenges”.
The Monkey Shoulder and Grant’s distiller said turnover in the year ended 31 December 2024 fell by 6.5% to £1.83bn. Profits before tax, meanwhile, fell by 30% to £388m.
The privately owned supplier did not provide gross or operating profit figures, and its full accounts for the year ended 31 December 2024 are not yet available at Companies House.
“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,” William Grant & Sons said. “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.”
Investments in the period included a multi-year partnership between Glenfiddich and Aston Martin F1 Team, William Grant & Sons noted.
In July, William Grant & Sons finalised the purchase of The Famous Grouse and Naked Malt brands from Edrington. The deal was initially announced in September 2024 and given the green light by the Competition & Markets Authority in March.
Søren Hagh, William Grant & Sons CEO, said: “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.
“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.”
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