The Scottish billionaire whisky family behind Glenfiddich distillery has reported a sharp decline in annual profits in new results.
William Grant & Sons posted a 30% drop in profit to £388million, while turnover fell 6.5% to £1.834 billion for the year ending December 31, 2024.
The results align with a broader industry downturn, including challenges across the global spirits market.
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.”
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."
Additionally, the company also reached an agreement to purchase The Famous Grouse and Naked Malt brands, 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.
"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."