FAMILY-OWNED scotch whisky business William Grant and Sons has reported a 17 per cent rise in profits for the year to December 2017, with investments in the US and Ireland contributing to its growth.
The firm, whose brands include Glenfiddich, Drambuie and The Balvenie, saw turnover rise from £1 billion to £1.2bn while pre-tax profits increased from £260.2 million to £304m.
The company, which is headquartered in Dufftown, said all its core brands contributed to performance, with Glenfiddich in particular having a strong year.
READ MORE: Whisky giant throws weight behind Hendrick's Gin
Chief executive Simon Hunt said the brand was benefiting from “the next generation of premium whisky drinkers” being attracted by “the release of high-profile expressions”.
The year’s figures were also positively impacted by the company’s April 2017 acquisition of Tuthilltown Spirits, the New York State-based producer of American craft whiskey brand Hudson.
The distillery, which was founded by founded by Ralph Erenzo and Brian Lee in 2006, was the first to be launched in the state since the end of the prohibition era.
In addition to Hudson, Tuthilltown Spirits produces a number of other local craft spirits and the site also generates income from its restaurant and visitor centre.
In Ireland, William Grant invested €25m in its Tullamore Dew distillery a year ago to aid the development of a new grain Irish whiskey production plant and bottling hall. The company purchased the Irish brand in 2010.
Looking at the results for the year as a whole, Mr Hunt said the company had been able to achieve another year of growth because of the “hard work and talent of our dedicated team around the world”.
“Since William Grant founded our company over 130 years ago, we have consistently invested in our people and in our brands for the long term,” he commented.
READ MORE: Drinks giant William Grant acquires US craft distillery
“We continue to develop the business with an independent and pioneering mind set, giving us a strong competitive platform for continued future growth.”
Earlier this week William Grant master distiller Lesley Gracie revealed that the business had doubled production of its Hendrick’s Gin brand following a £13m investment at its plant at Girvin in Ayrshire.
As well as two stills, a gin bar and a lecture theatre, the company has added a walled garden and two hothouses to allow it to experiment with different plants in its recipes.
“Come March next year, when the growing season kicks off properly, the garden and the hothouses will be full of all sorts of things I can experiment (with),” Ms Gracie said.
Mr Hunt added that the expansion of the Hendrick’s distillery is “an important milestone in our company’s 130-year history”.
“As an independent, family-owned business we have the freedom to operate with a long-term perspective,” he said.
“This investment is a commitment to our continued leadership of the super-premium gin category, distilling excellence and exciting consumers with this unusual and curious brand.”
Meanwhile, Auchterarder distillery business Tullibardine, which has been owned by French company Picard Vins & Spiritueux since 2011, also had a positive year in 2017, with turnover rising by 26% to £23.9m and pre-tax profits by 24% to £3.1m.
READ MORE: Apprentices continue a tradition dating back to Roman times at distillery site in Girvan
Writing in the firm’s accounts for the year company director Gabriel Picard said that he and fellow director Michel Picard were “more than satisfied” with the profitability figure, adding that “the company is very well placed moving forward”.
“The company’s continued investment on the premises and in plant and machinery means that with the exception of malting, the company now has full control over all aspects of its business activities,” he said.
“The company continues to seek new opportunities and markets to develop further the success of the company’s brand."
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