The distiller, renowned for brands like Glenfiddich and Hendrick’s Gin, posted a pre-tax profit of £388 million, a 30% decrease from the previous year.

Turnover for the year ending 31 December 2024 also fell by 6.5% to £1.834 billion. The company attributed the decline to industry-wide challenges, including significant destocking by partners and difficult global economic conditions.

Despite the downturn, chief executive Søren Hagh noted that profits were broadly in line with 2022 levels and reaffirmed the company’s long-term strategy. “Our confidence in the future of spirits means we have continued to invest in both our brands and distilleries,” he said.

This commitment to future growth is highlighted by recent strategic moves. The company finalised its purchase of The Famous Grouse and Naked Malt brands this month. Furthermore, it launched a high-profile, multi-year partnership between its Glenfiddich whisky and the Aston Martin Formula One team in late 2024.