2011 sales break £1bn barrier for first time though operating profits down 4.6% to £126.3m
Drinks giant William Grant & Sons has passed the £1 billion turnover mark the first time in its history in the 2011 financial year.
The Speyside-based family-owned distiller, maker of the Glenfiddich whisky and Hendrick's Gin, said turnover rose nine per cent on the previous year to £1.05 billion through operating profits were down 4.6 per cent to £126.3 million against £132.4 million a year earlier.
However, the group had reported a 28 per cent rise in operating profits last year, adding tough global economic conditions had made 2011 “a challenging year”.
“The company continued to strengthen its business by building the value of its core brands and investing in its innovation brands, employees and its infrastructure around the globe for the long-term, explaining the slight dip in profits,” it said.
Sales of Glenfiddich topped a million cases last year, while Grants whisky grew to more than five million cases sold, with both brands recording value growth ahead of volume growth in 2011, the group said.
Across the company’s core brands, including Hendrick’s Gin, The Balvenie Single Malt, Sailor Jerry rum and Tullamore Dew Irish whiskey - acquired in 2010 - the group said increased investment has helped to deliver value growth ahead of volume.
Stella David, chief executive of William Grant & Sons, said: “Whilst 2011 saw some tough global economic conditions, the company performed well thanks to the continued success of our premium spirits brands and our consistent focus on building brand equity, improving our route to market and investing for the long term.”