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William Grant toast another record year
Glenfiddich and The Balvenie producer William Grant & Sons is toasting another “record year” after its sales topped £1 billion for the second year running.
William Grant’s investment in its core brands, including The Balvenie, has impacted profits
Despite citing continuing “tough global economic conditions” that have made for a challenging year, the UK-based drinks group reported turnover of £1.06bn for its fiscal year 2012/13, a rise of 1.4%. Turnover on the group’s core brands increased 7%.
Capital spend increased during the year with additional investment in improving production capacity and upgrades to the Glenfiddich and Tullamore DEW visitor centres.
Maintaining a long-term approach to investing in infrastructure and its core brands, which also include Hendrick’s, Sailor Jerry and Grant’s, William Grant reported a continued fall in group operating profit of 1.2% to £124.8m, although the drop was somewhat less than last year’s 4.7% fall.
Stella David, CEO of William Grant & Sons, said: “Whilst 2012 saw some difficult global economic conditions, the company continued to perform well thanks to the continued success of our premium spirits brands and our consistent focus on building brand equity and investing for the long-term.”
The family-owned company saw turnover increase 9% during 2011 to £1.05bn, marking the first time William Grant broke the billion-pound threshold.