William Grant & Sons profits rise by 34% to £331.3m
William Grant & Sons has reported turnover of £1,721m, with a profit of £331.3m after tax, for the year ending 31 December 2022, a return to pre-pandemic levels.
Turnover increased by 21.7% year on year for 2022, and the company’s profit after tax rose by 33.8%, its new results show.
These figures bring profit levels back in line with those of 2019, before the impact of the global pandemic and despite global supply issues.
A spokesperson for William Grant & Sons commented: “While global crises, including supply issues and inflation, posed significant challenges in 2022, we are proud that performance is now just ahead of pre-Covid levels, and believe that the business is well positioned for consistent growth in the long term, in partnership with our customers.”
The whisky company, which owns brands including Glenfiddich, The Balvenie, Hendrick’s Gin and Monkey Shoulder, made significant investments in its processes and technology, including the implementation of a new enterprise resource planning system.
William Grant & Sons also launched Glenfiddich ‘Time Reimagined’, a collection of 50, 40 and 30-year-old whiskies, and The Balvenie 60 Year Old in celebration of Malt Master David C. Stewart’s 60 years’ work building The Balvenie to become one of the leading single malt whiskies in the world.
The company operates across 200 markets globally.
Speyside single malt Scotch whisky distillery Glenfiddich, one of its brands, announced last week that it had teamed up with a British designer on a new fashion collaboration for bartenders. Read more on that story here.