Brewery reports record sales | Cornwall Business

St Austell Brewery has reported “strong” growth for its latest financial year.

Despite “challenging” trading conditions for the hospitality industry, for the 52 weeks to 31 December 2023, the brewery posted a 15% rise in operating profit to £13.2m, following a figure record business of £229.5 million.

Chief executive Kevin Georgel said: “2023 was a year in which we made significant progress towards our ambition to unlock the full potential of the business. We have continued to invest in our people and our high-quality pub business, while future-proofing our beer brands and drinks portfolio. As a result of this continued investment and the input of our dedicated and talented teams, I am confident that we deliver great experiences to our customers year-round, and this drives strong profit growth.

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

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

“As the cost of living continues to affect people across the country, we remain committed to providing excellent value. We are first and foremost an experience business and our ambition is to exceed the expectations of every guest, whether they visit one of our pubs or drink one of our beers.

“Our financial performance compares strongly to the market and we remain a profitable, strong cash generating business with clear strategic direction. We are focused on continued growth, capitalizing on the momentum we have created and diversifying our offering – where appropriate – to ensure the business evolves positively and remains fit for the future.”

Non-executive chairman Will Michelmore said: “I am delighted to report that St Austell Brewery has once again achieved record turnover but, importantly, this increase in sales has also been translated into improved operating profit.

“We are very proud of these results given the challenges the company and the wider sector continue to face. Costs have risen significantly this financial year – particularly in food and labor – while the cost of living crisis has continued to reduce disposable income levels and change consumer behaviour.

“Despite the challenging trading environment, demand for our beers and supply 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.”