- Full-year profits for 2015 climb by 9% to GBP147.4m (US$191.1m)
- Sales increase by 6% to GBP882.5m on restated 2014 figures
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Simon Hunt became CEO at William Grant & Sons earlier this year |
William Grant & Sons has reported rising full-year sales and profits as it continues to move away from distributing third-party brands.
The privately-owned company, which is not obliged to detail financial performance to the media, said in a statement today that sales in the 12 months of 2015 were up by 6% to GBP882.5m (US$1.14bn). Net profits in the 12-month period increased by 9% to GBP147.4m.
A year ago, William Grant said its full-year sales for 2014 fell by almost 17% due to a "planned reduction in the distribution of third-party agency brands". The company said today that this strategy is continuing.
The US and Asia were described as delivering a "robust" performance in 2015, although "increased volatility" was noted in Eastern Europe, the Middle East and Africa, primarily due to ForEx and increased competition.
"This success was driven by our constant focus on building brands and investing in them for the long term," said CEO Simon Hunt in his first set of annual results since assuming the role in February. "We have also continued to invest in our operational capabilities and our route to market infrastructure. It has been a challenging market place but we are well positioned to continue our growth in 2016 and beyond."
Figures for 2014 were restated in today's announcement using the new UK Accounting Standard FRS102.
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