Glenfiddich’s Parent Company Reports a Nearly 30% Profit Drop in 2024
It seems that tough times continues to hound the spirits industry, and scotch whisky is one category that is feeling the pain. Late last week, the family-owned company William Grant & Sons (owner of major whisky distilleries Glenfiddich and the Balvenie, as well as Milagro Tequila and Sailor Jerry Rum) reported a significant decrease in profits by nearly 30 percent in 2024. It remains to be seen how this year will play out, but that’s a lot of ground to make up.
According to a recent article in The Herald, WGS, which is owned by the billionaire Grant family, reported that its profits dropped by about a third in the year ending in December of 2024, and revenue was down by 6.5 percent. “In a year marked by industry-wide challenges, the decline in revenue compared to 2023 is in line with market trends, including the continuation of significant destocking,” said a rep for the company in a statement. “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.”
Despite these challenges, Glenfiddich and the Balvenie remain in the list of top five best-selling single malts (rounded out by the Macallan, the Glenlivet, and Glenmorangie). And WGS completed the purchase of Naked Malt and the Famous Grouse this month; the latter is the best-selling blended scotch in the U.K., so presumably that will help sales figures. On the other hand, the company decided to partially pause production at its Tullamore D.E.W. distillery in Ireland this past spring, part of an ongoing trend in the whisky industry. (The company said production will resume this summer.)
Of course, we are only halfway through 2025, so it remains to be seen whether these losses will continue or the course will be reversed, although the recent negotiation between the Trump administration and the E.U. resulting in a 15 percent tariff likely won’t help. In the U.K., politicians are pressing him to ease the current 10 percent tariff on scotch that has been levied against the industry to the tune of about £4 million per week, according to the Independent. The situation remains fluid, but we will report back with any significant updates.
