William Grant FY profit drops 30%
Glenfiddich owner William Grant & Sons saw its profit plunge by nearly a third in 2024 due to ‘significant destocking’.
The Scottish spirits firm reported a profit before tax decrease of 30% to £388 million (US$520.6m) and a 6.5% revenue drop to £1.83 billion (US$2.46bn).
The family-led company, which also owns Hendrick’s Gin and Irish whiskey brand Tullamore Dew, attributed the declines to ‘industry-wide challenges’, such as continued destocking.
It followed double-digit growth for the Balvenie whisky producer in 2023, when full-year sales soared by 14% and profit after tax rose by 34%.
Søren Hagh, who became CEO of William Grant & Sons in January last year, said: “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.”
In April 2025, William Grant scaled down production at its Tullamore whiskey distillery as the industry faces lower levels of demand.
William Grant noted that it had continued to invest in its brands and infrastructure in the past 12 months.
Among these efforts was Glenfiddich’s multi-year partnership with the Aston Martin Formula One team in November, and the purchase of The Famous Grouse and Naked Malt whisky brands from The Macallan producer Edrington this month.
The William Grant portfolio also includes Sailor Jerry rum, Silent Pool gin, Milagro Tequila, blended Scotch Monkey Shoulder, Drambuie liqueur, Reyka vodka and the Discarded Spirits Co.
Fellow Scottish spirits firm Edrington saw revenue fall by 10% in the year to 31 March 2025, caused by a ‘challenging economic environment’ and reduced consumer demand.
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