Brewer and bar company BrewDog increased group sales by 55% to reach an annual revenue of £172m (€192m) in 2018, that firm’s latest accounts have revealed.
The business, founded 12 years ago by James Watt and Martin Dickie, invested in 34 new bars across the world during the year and now has more than 80 bars globally, as well as running a ‘beer hotel’ in Columbus, Ohio.
Its earnings before interest, tax, depreciation and amortisation (EBITDA) for the year were down slightly in 2018 to £8.4m (€9.4m), a reduction from nearly £9m (€10m) the year before. The business made a pre-tax loss of £576,000 (€643,000), after a £1.4m (€1.56m) pre-tax profit in 2017.
BrewDog’s latest financial results cover a period in which it grew organically but also made acquisitions, including buying the Draft House business, which has 14 pubs in London and the south east of England.
In 2018, the company’s beer sales were 500,000 hectolitres globally, which it said was still less than 50% of its global capacity. It has a brewery on the north east coast of Scotland, with another 100,000 sq ft facility in Columbus, Ohio, in the USA, and it has begun construction of a new brewery in Australia.
BrewDog’s Punk IPA remained the number one craft beer in the UK market, with sales of £41.6m (€46.5m) in 2018. That was followed by its Elvis Juice and Dead Pony Club beers, which sold £9.1m (€10.2m) and £9m (€10m) respectively.
The company now plans to expand its international beer sales, exploring opportunities for a new brewery in Asia, as well as expanding its cider offering. Meanwhile, it has 30 bars in the pipeline globally, including in the Dublin docklands, Paris, New York and Shanghai. Most recently, it opened a second bar in the French city of Nice, offering 24 kegged beers on tap.