William Grant toasts record annual profit

Scotch whisky distiller Williamgrant&sonshascheered record profits, helped by a return to sales growth.

The family-owned producer of brands including Glenfiddich, Balvenie and Grant’s said profits after tax grew 8.9 per cent to £147.4 million for 2015, “driven by strong volume and value growth across its core portfolio of premium spirit brands”.

A switch in its focus towards its core portfolio and away from the distribution of some third-party brands saw turnover increase 6.1 per cent to £882.5m.

That change in strategy had seen sales fall almost 17 per cent in 2014, but new chief executive Simon Hunt said the group – which also owns Drambuie liqueur and Hendrick’s gin – was now well positioned to continue with its expansion.

Glenfiddich sales were up 5 per cent year-on-year in volume terms, while Hendrick’s continued to “grow rapidly”, William Grant said. Monkey Shoulder blended whisky, now ranked among the firm’s core brands, was also highlighted for its “potential for future growth”.

Hunt added: “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.”

Hunt flagged tough trading conditions across eastern Europe, along with the impact of the weaker pound. 0 New boss Simon Hunt is investing for the long term