William Grant & Sons has reported a 6.5% drop in revenue for its financial 2024, falling to GBP1.83bn (US$2.46bn).
The privately-owned company, which is not obliged to release its performance figures to the media, said the decline compared to 2023 is “in line with market trends” which included the “continuation of significant destocking”. The Glenfiddich brand owner also saw profits before tax plummet 30% compared to the previous year, reaching GBP388m.
The UK-headquartered distiller said this reflected continued investment in the company’s brands and infrastructure, “demonstrating confidence in the future of the spirits industry”.
“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,” said CEO Søren Hagh.
“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.”
The group also notably agreed last year to purchase The Famous Grouse and Naked Malt brands from Edrington, the completion of which was finalised earlier this month, without disclosing financial details.
