The Spirits Business reported on Monday that William Grant & Sons, the parent company to brands like Glenfiddich and Tullamore faced a profit drop of 30% in 2024. All of these profits were before taxes. The company additionally saw a 6.5% drop in revenue, making the final figure $2.46 billion for 2024.
“2024 was a challenging year for the spirits industry, with both global economic conditions and continued destocking weighing heavily on performance in comparison to 2023,” said CEO of William Grant & Sons Søren Hagh in a statement. “That being said, profits were broadly in line with 2022 and our confidence in the future of spirits means we have continued to invest in both our brands and distilleries for the long term.”
In addition to Tullamore, William Grant’s portfolio includes Sailor Jerry Rum, Milagro Tequila, Monkey Shoulder Scotch, Reyka Vodka and Silent Pool Gin.
Back in April, William Grant & Sons decided to cut production at three out of nine stills at Tullamore, a major Irish whiskey brand. Representatives for the company described the move as an”ongoing thing,” implying it was a routine part of the process. The company shared that it would continue investing in brands over the next year.
William Grant & Sons is far from the only major spirits brand to face a drop in profits. The scotch company joins other heavy hitters like Edrington, the parent company behind The Macallan. Edrington reported a pre-tax profit drop of 26% in mid-July. The company also shared it plunged 10% in core revenue.
“After several years of unprecedented growth for premium spirits and industry-leading results posted by Edrington, the business felt the full effect of the global economic downturn during the year,” said Edrington CEO Scott McCroskie in a statement, per the Scottish Financial News. “Our focus on ultra-premium spirits has driven Edrington’s growth in recent years as we have continued to execute our strategy despite the hostile trading environment. This includes further strategic investments in our sherry cask supply chain and in reducing our carbon footprint.”
No responses yet