William Grant reports record profit

27 September, 2016

William Grant & Sons has reported a record profit after tax of £147.4m*, an increase of 8.9% year-on-year.

The group says it continued to focus on its core portfolio and planned reduction in the distribution of some third party agency brands. This strategic shift resulted in reported turnover increasing from £832.7m to £882.5m, an increase of 6.1%*.

It says record profit was delivered despite challenging conditions in terms of increased volatility across Eastern Europe, the Middle East and Africa, the adverse impact of foreign exchange and increased competition.

Demand for super premium spirits, particularly in the US and Asia remained robust where the markets remained buoyant, says the report.

William Grant & Sons’ chief executive, Simon Hunt (pictured) said: “This success was driven by our constant focus on building brands and investing in them for the long term. We have also continued to invest in our operational capabilities and our route to market infrastructure. It has been a challenging market place but we are well positioned to continue our growth in 2016 and beyond.”

Its flagship, Glenfiddich single malt scotch whisky, returned volume growth up 5% year-on-year. Hendrick’s gin, continued to grow. Monkey Shoulder, the blended triple malt whisky, became the company’s 8th core. It also topped a poll for the second year running of 100 leading bars across the world as the top trending whisky.

William Grant & Sons was again awarded the prestigious ‘Scotch Whisky Producer of the Year’ trophy at the International Spirits Challenge (ISC) and was lauded for “continuing to prove itself a leader in the scotch category.”

*The 2015 financial statements have, for the first time, been prepared using the new UK Accounting Standard FRS102.  The 2014 comparative figures contained in the 2015 financial statements have been recalculated using FRS102 and are therefore different from the figures presented in the 2014 financial statements. The reported turnover and profit of £933.2m and £139.8m respectively, as shown in the 2014 financial statements, were therefore recalculated to £832.7m and £135.3m respectively to comply with this new standard.

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