Pandemic impacts on distiller William Grant & Sons' annual results
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FAMILY-OWNED Glenfiddich distiller William Grant & Sons has today reported its annual results for the year ending December 31, 2020.
The results reflect the impact of the Covid-19 pandemic – with turnover down 11.6 per cent and profit down 23.4 per cent compared to the previous year.
The company, however, reported turnover of £1260 million and a profit after tax of £240 million.
Throughout the period, William Grant & Sons continued long-term investment in its employees and upgrading infrastructure to support its growth plans.
The company played a wider role in helping to fight the virus during 2020.
It introduced the mass production of hand sanitiser and built a PCR Covid-19 testing lab to regularly test employees.
The lab also provided testing capacity for NHS Scotland.
The company provided support to local communities and the hospitality trade throughout the year. It has returned all the furlough cash received at the outset of the pandemic from the UK Government Job Retention Scheme.
A spokesperson for William Grant & Sons said: "Being a privately owned company has enabled us to continue to take a long-term view.
"Every possible step has been taken throughout the pandemic to protect our people – despite the impact on short-term profitability.
"Once the impact of the pandemic was understood, we were also able to begin reinvesting in our brands and infrastructure to protect our position in the global market.
"Though the future may look different, this continuing reinvestment will help us emerge stronger from the pandemic."