Scotch whisky giant William Grant & Sons has reported a 6.5% decline in turnover to £1.834 billion, with profit before tax down 30% to £388 million for the year ending December 31, 2024.

William Grant completed its acquisition of The Famous Grouse, Naked Malt and affiliated brands from Edrington subsidiary The 1887 Company earlier this month.

William Grant’s other brands include Glenfiddich, The Balvenie, Grant’s, Drambuie and Hendrick’s gin.

“In a year marked by industry-wide challenges, the decline in revenue (-6.5%) compared to 2023 is in line with market trends, including the continuation of significant destocking,” said William Grant.

“The reduction in profit (-30%) reflects both these market conditions but also continued investment in the company’s brands and infrastructure, demonstrating confidence in the future of the spirits industry.

“Despite these significant headwinds, William Grant & Sons maintained its commitment to quality and innovation.

“This was demonstrated by the announcement of Glenfiddich’s multi-year partnership with the Aston Martin Formula One Team in November 2024, bringing together two brands renowned for their heritage, innovation, and pursuit of excellence.

“In addition, the Company reached an agreement to purchase The Famous Grouse and Naked Malt brands, the completion of which was finalised on 1 July 2025.”

William Grant & Sons CEO Søren Hagh said: “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.

“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.”