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11th June 2024

St Austell Brewery reports ‘strong’ profit growth and record sales

St Austell Brewery, the South West’s leading independent brewer and pub company, has reported ‘strong’ financial growth in the 52-week period to 31st December 2023. Despite challenging trading conditions for the hospitality industry, the company grew its underlying operating profit by 15% (£13.2m) and achieved another year of record turnover (£229.5m).

Will Michelmore, Non-Executive Chairman, St Austell Brewery, said: 

“I am pleased to report that St Austell Brewery has once again achieved record turnover, but importantly, this increase in sales has also been converted into improved operating profit.

“We are very proud of these results given the challenges that the company and wider sector continues to face. Costs have increased significantly during this financial year – particularly on food and labour – while the cost-of-living crisis has continued to reduce levels of disposable income and change consumer behaviours.

“Despite the challenging trading environment, demand for our beers and the offer in our pubs has remained strong. We continue to be optimistic about our long-term prospects and remain confident that we have the leadership and focused strategy that will ensure the company’s continued growth and future success.”

Kevin Georgel, Chief Executive, St Austell Brewery, said: 

“2023 was a year in which we made significant progress against our ambition to release the full potential of the business. We have continued to invest in our people and our high-quality pub estate, whilst future-proofing our beer brands and drinks portfolio. As a result of this continued investment, and the contribution of our dedicated and talented teams, I am confident that we are delivering great experiences for our customers all year round, and this is generating strong profit growth.

“Throughout the year, inflation reduced from the peak of 2022, however cost challenges in our sector continued. Considering these sustained headwinds, we are pleased to report a 15% increase in profitability, in addition to delivering record revenues for a second consecutive year.

“These results are testament to our all of our teams as well as our tenanted business partners. I would like to take this opportunity to thank them all for their continued hard work and support.

“With the cost of living continuing to impact people across the country, we remain committed to delivering excellent value. We are, first and foremost, an experiential business and it is our ambition to exceed the expectations of every guest, whether they’re visiting one of our pubs or drinking one of our beers.

“Our financial performance compares strongly with the market, and we remain a profitable, strongly cash-generative business with a clear strategic direction. We are focused on continued growth, harnessing the momentum we’ve built and diversifying our offer – where appropriate – to ensure that the business evolves positively and remains fit for the future.”

ENDS

Media contacts

Megan Chuter, Head of Communications

megan.chuter@staustellbrewery.co.uk

07970 379 690

Charlotte Turner, Press Officer

charlotte.turner@staustellbrewery.co.uk

07977 564 900

Notes for editors:

 The key figures reported in St Austell Brewery’s 2023 full year results are:

  • Total operating profit for the financial period was £13.2m (2022: 11.4m) up 15%.
  • Total revenue for the financial period was £229.5m (2022: £209.2m) up 10% – a record year for the business.
  • Overall, the company generated £20.7m of underlying EBITDA before other items (2022: £18.1m).

About St Austell Brewery: 

Independent, family-owned St Austell Brewery was established in Cornwall in 1851. Fast forward 172 years, and the company’s range of award-winning beers – including Tribute pale ale, Proper Job IPA and korev lager – are available in pubs and supermarkets nationwide.

The business owns over 160 pubs, inns, and hotels across the West Country – including managed houses and tenancies. It also operates two breweries, in St Austell and Bath, having acquired fellow West Country brewer, Bath Ales in 2016.

With a network of six depots across the West Country – from St Columb to Wimborne – the company is the leading wholesale drinks distributor in the region.

www.staustellbrewery.co.uk


Media contacts

Megan Chuter, Head of Communications

megan.chuter@staustellbrewery.co.uk

07970 379 690

Charlotte Turner, Press Officer

charlotte.turner@staustellbrewery.co.uk

07977 564 900

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