Turnover at St Austell Brewery rose 10.3% to £169.3m in the 52 weeks to December 30, 2017, the company reports today. However, profit before tax and other items was down 3.4% at £12.5m.
In his chairman’s statement, Will Michelmore (pictured) said figures had been affected by lower than expected performances of former Bath Ales brands, and recently acquired pubs not yet trading ar expected levels.
There had also been a delay in the re-opening of the Chain Locker pub, in Falmouth, which underwent major refurbishment.
Profit was also affected by market pressures: higher costs, increased competition and weakening consumer confidence.
During the year St Austell invested £15.7m, notably in Bath Ales’ Hare Brewery and bottling line at Walmsley.
Will said: “Our strategy continues to focus on investing for the long-term success of the business, to deliver growth in both earnings and dividends per share.
“The market conditions in which we operate have been a challenge, but our core business remains robust. I can report that we have had a promising start to 2018 and I am cautiously optimistic about the year ahead.”