William Grant & Sons, the spirits group that last year acquired the historic Scotch whisky liqueur Drambuie, has unveiled an increase in profits despite slowing sales.
The Speyside-based group – which also produces Glenfiddich, Hendricks gin and Tullamore Dew Irish Whiskey – said it had achieved record results despite adverse currency movements and a 7% fall in the value of Scotch whisky exports.
Profits climbed 4% to nearly £140m despite a near 17% fall in turnover to £933.2m. The group’s core premium brands saw an increase of 9% in their sales but a planned reduction in the distribution of third party agency brands contributed to the decline.
The group said: “This strategic shift has allowed more focus on the group’s owned portfolio of core premium brands, which saw turnover increase by an impressive 9% year on year.”
The independent family-owned distiller said that “careful nurturing” would deliver long-term growth for Drambuie, which had seen its profits falter before the change in ownership. It said that Drambuie, which is a mix of whisky, honey, heather and spices made to a recipe allegedly passed on by Bonnie Prince Charlie in 1746, fitted naturally with its premium-branded portfolio.
Sources said that there were plans afoot to further exploit the Drambuie brand but there would be no details for the time being.
Strong growth was delivered by the Balvenie and Glenfiddich brands, with Hendricks gin growing strongly across the world.
Chief executive Stella David said: “The success was driven by our constant focus on brand-building and investing for the longer-term. The business and our brands are well positioned to continue their growth in 2015 and beyond.”
