St austell Brewery posted a 10.3% increase in annual turnover to a record level of £169.3 million in the 52-week period to 30th December 2017.
Will Michelmore, our non-executive Chairman said: “I am pleased to report that our underlying EBITDA was up 3.9% to £19.7m in the 52-week period ended 30 December 2017. During 2017 we invested £15.7 million in capital expenditure. This capital expenditure included a significant investment in the new Hare Brewery and bottling line in Warmley following our purchase of Bath Ales in 2016. We also re-opened one of the South West’s most iconic pubs – The Chain Locker in Falmouth after a major refurbishment programme.” He added: “In March 2018 we agreed an additional revolving credit facility of £15m which provides the business with the necessary funding and flexibility to support our strategic plans and take advantage of opportunities should they arise.”
James Staughton our Chief Executive said: “The company’s approach of investing for the long term allows us to take strategic decisions that we believe are in the best interest of all stakeholders.”
James added: “The business has enjoyed a period of unprecedented growth over recent years. This growth in demand has led to an increased need for investment in production facilities, IT systems, infrastructure and people. We are committed to ensuring this investment will enable the business to grow profitably and sustainably.”
“2017 was a good year for our pubs, beer brands and wholesale businesses with all areas performing well and out performing the challenging market. Particular beer highlights included Proper Job IPA and Korev Cornish Lager which grew by 16% and 14.4% respectively while overall barrelage of St Austell Brewery beers grew by 2.7% in the year. Our managed pub estate achieved like for like sales growth of 3% while income from our tenanted pubs grew by 6.4%.”