Scotch whisky distiller William Grant & Sons has unveiled sharp rises in revenues and profits.
The family-owned group, which employs around 3,000 people and last week announced it was acquiring The Famous Grouse and Naked Malt blended Scotch whisky brands from Glasgow-based Edrington, revealed yesterday it had raised after-tax profits to £444 million in the year to December 31, 2023, from £331.3m in the prior 12 months.
And it announced it had increased its turnover to £1.962 billion last year, from £1.721bn in 2022.
The sharp rises in after-tax profits and turnover in 2023 come on the back of respective increases of 33.8% and 21.7% in 2022.
William Grant & Sons said: “The figures signify that, despite the volatile macro environment, William Grant & Sons continues to perform strongly.”
It added: “During 2023, progress was made in building an increasingly effective and efficient organisation with the capabilities needed to perform well into the future. With long-term thinking a core value of the business, the company continues to invest strongly in capital expenditure projects, building world-class brands through new products and partnerships, and its people.”
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Søren Hagh, chief executive of William Grant & Sons, 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”.
The distiller, which was founded by William Grant in 1887, flagged as “key highlights” for 2023 the unveiling by its Glenfiddich single malt of the “archive collection of rare family casks laid down over the last half century”, and the brand’s release of Grand Yozakura,“the first single malt Scotch whisky to be finished in rare ex-awamori casks”.
William Grant & Sons added: “This highlights how the company is continuing to expand and evolve its ultra-premium, luxury credentials.”
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The distiller also noted “a complementary brand was added to William Grant & Sons’ award-winning portfolio with the acquisition of Silent Pool Distillers, a leading ultra-premium gin producer based in the Surrey Hills in the UK”.
It added that its Hendrick’s Scottish gin had revealed a new addition to its “cabinet of curiosities” with Flora Adora, a limited-release gin infused with a “fresh floral bouquet”.
And it noted that the family-led William Grant Foundation had awarded a “record total” of more than £4.7m in new grants to 114 charitable organisations.
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