Owner of Glenfiddich and Hendrick’s Sees Significant Profit Increase

The proprietor of Glenfiddich whiskey and Hendrick’s gin has reported a substantial increase in profits, with sales approaching £2 billion.

Recent annual financial statements from William Grant & Sons, a notable independent Scotch whisky manufacturer, reveal a pre-tax profit of £554 million for the 2023 calendar year, marking a rise from £397.6 million the prior year.

The family-run enterprise also announced dividend payments of £25 million for the 2023 fiscal year, an increase from £19.7 million.

Total revenue nearly reached £2 billion, up from £1.7 billion previously. The value of stock, which incorporates aging whisky, was recorded at £1.2 billion, a rise from £983 million.

Founded in 1887 by William Grant, a shoemaker and bookkeeper, the company began with the establishment of the Glenfiddich Distillery in Speyside, followed by the Balvenie distillery five years later.

Both brands remain integral to the company’s offerings, which also include Grant’s and Monkey Shoulder whiskies. The extensive beverage lineup features Drambuie liqueur, Tullamore Dew Irish whiskey, and Sailor Jerry rum. The workforce exceeds 2,800 individuals worldwide, with distribution in almost 200 countries. Glenn Gordon, who is 68 years old, serves as chairman and is the great-great-grandson of the founder.

A worker at the Glenfiddich distillery tending to a whisky barrel.

The company attributed its 2023 results to effective measures taken despite challenging global market conditions, which included inflation costs, significant supply chain disruptions, and geopolitical factors.

Price adjustments were implemented by William Grant & Sons to mitigate the effects of increased manufacturing, distribution, energy, and labor expenses.

The financial reports indicate investments were made in brand development, property acquisitions, and the implementation of an enterprise resource planning software system.

In September 2023, the company acquired the English gin brand Silent Pool for £7.9 million, as noted in its accounts. Additionally, William Grant increased its stake in Canadian distributor Peter Mielzynski Agencies from 51% to 90% in a deal valued at over £10 million.

Soren Hagh, formerly leading Heineken’s European operations, took on the role of chief executive at William Grant at the beginning of last year.

“Although 2023 posed numerous challenges regarding supply chains and economic changes, we are proud of our progress across our well-respected brand portfolio and are eager to further strengthen our company to benefit our customers and consumers,” commented Hagh.

In September, William Grant also acquired Famous Grouse and Naked Malt whiskies from Edrington Group, with the financial details remaining undisclosed.

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