Sales near £2bn at Glenfiddich and Hendricks Gin distiller

Sales at the maker of the likes of Glenfiddich and Hendricks Gin surged to almost £2bn as its profit passed the £500m mark during 2023.

William Grant & Sons, which is headquartered in Scotland, has reported a turnover of £1.96bn for its latest financial year, up from the £1.72bn it achieved in 2022.

Newly-filed accounts with Companies House also show its pre-tax profit jumped from £397.5m to £554m over the same period.

As well as Glenfiddich and Hendricks Gin, William Grant & Sons’ brands include Monkey Shoulder, Sailor Jerry and Drambuie.

During the year the average number of people employed by the group rose from 3,120 to 3,505.

Glenfiddich maker braced for ‘difficult headwinds’

Chief executive Søren Hagh said: “Despite 2023 being a year faced with supply chain challenges and macro-economic shifts, we are proud of the growth delivered across our portfolio of leading brands and look forward to continuing to build an ever-stronger company that delivers for our customers and consumers.”

A statement signed off by the board added: “The group expects that in the year ahead there will likely be continuing difficult headwinds.

“In addition economic conditions in most parts of the globe have become more challenging.

“Slowing growth, commodity and energy-driven inflation and potentially taxation increases all impact the group either directly or indirectly.

“While high energy prices affect suppliers and operations, they also impact consumers’ disposable income.

“However, the brand portfolio is a key asset for the group. One of the most important objectives for the group is to build and develop its brands.”

The Glenfiddich maker added: “While sustained volatility and uncertainty will continue to present challenges for the consumer goods sector, the group remains well-positioned and resilient, diversified by category, price point and geography.”