By Kristy Dorsey
Family-owned whisky company William Grant & Sons saw profits fall by nearly a quarter during the first year of the pandemic as it diverted efforts towards combating Covid.
The owner of Glenfiddich single malt and Hendrick’s Gin posted a decline in turnover of 12 per cent during the year to December 31, down to £1.26 billion from £1.33bn previously. Profits after tax fell by more than 23% to £240 million.
The company said its main priority during 2020 was to protect employees and stakeholders in what was a “very difficult and challenging environment”. It noted that it also continued to invest in the business for long-term growth, including the biggest-ever media campaign for Hendrick’s Gin in Europe.
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“Being a privately-owned company has enabled us to continue to take a long-term view,” a spokesman said. “Every possible step has been taken throughout the pandemic to protect our people – despite the impact on short-term profitability.
“One the impact of the pandemic was understood, we were also able to begin reinvesting in our brands and infrastructure to protect our position in the global market. Though the future may look different, this continuing reinvestment will help us emerge stronger from the pandemic.”
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During 2020 William Grant gave over some of its capacity to the mass production of hand sanitiser. It also built a PCR Covid lab to regularly test employees, which in turn provided testing capacity for NHS Scotland at cost.
In addition, it provided support to local communities and the hospitality trade throughout the year, and returned all furlough money received at the outset of the pandemic to the UK Government.
The company, which ranks among Scotland’s most profitable family firms, declined to comment on trading in the current year.
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