Glenfiddich and Hendricks Gin maker sees sales near £2bn as profit tops £500m

William Grant & Sons, the esteemed distiller behind popular brands such as Glenfiddich and Hendricks Gin, has reported a surge in sales to nearly £2bn, with profits soaring past the £500m mark during 2023.

The Scotland-based company announced a turnover of £1.96bn for its latest financial year, marking an increase from £1.72bn in 2022, as reported by City AM.

According to accounts recently filed with Companies House, the firm's pre-tax profit experienced a significant rise, climbing from £397.5m to £554m within the same timeframe.

The company's portfolio also features well-known labels like Monkey Shoulder, Sailor Jerry, and Drambuie.

Over the course of the year, William Grant & Sons saw its workforce expand from 3,120 to 3,505 employees.

Chief Executive Sren Hagh commented: "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."

The board, in a statement, acknowledged: "The group expects that in the year ahead there will likely be continuing difficult headwinds."

They added: "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."

The statement also noted: "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."