Scottish family-owned drinks company William Grant & Sons has reported a 30% fall in profit compared to the 2023 financial year.

Its revenue dropped by 6.5% to £1.83billion in 2024, while its profits before tax dropped to £388million.

William Grant & Sons’ portfolio includes Glenfiddich, The Balvenie, Hendrick’s Gin and Grant’s whisky. It also produces Tullamore D.E.W. Irish whiskey, Monkey Shoulder blended malt Scotch whisky and Sailor Jerry spiced rum. 

The company attributed its sales decline to industry-wide challenges, including significant destocking by partners and difficult global economic conditions.

However, the company said the company’s long-term growth strategy was on track. Its purchase of The Famous Grouse and Naked Malt brands was finalised this month, while a multi-year partnership between its Glenfiddich whisky brand and the Aston Martin Formula One team was announced in late 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 Søren Hagh.

“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.”

Regarding The Famous Grouse, Hagh said that “over the coming years, we will build on this strong foundation and work to evolve the brand into a true global icon”.

The whisky industry is facing significant challenges across the board. Edrington, owner of The Macallan, recently reported its financial results for the year ending 31 March 31 2025, revealing a 10% decrease in core revenue.

Diageo has halted production at its Roe & Co. facility, while craft distillers including Waterford Whisky, Westward Whiskey, and Powerscourt Distillery have recently filed for bankruptcy.