Rye River Brewing Company more than doubled its sales across Europe from €1.3 million in 2017 to over €2.7 million in 2018, according to it's recently published financial results.
The report showed that the independent brewers brands: Crafty Brewing Company, Solas and Grafters, returned to operating profitability for the financial year, ended 31 December 2018.
The export focus for the craft beer brewery contributed to a return to operating profit of €85,317 during the period 'signifying real progress following the company’s business transformation in recent years.'
In a statement, the company which produces beers under the flagship brand McGargles said that the loss for the 2018 financial year after taxation amounted to €194,201 after charging interest payable of €461,284, which compares to a reported loss of €797,313 in 2017.
The group reported that an EBITDA (earnings before interest, taxes, depreciation and amortization) of €782,667 was recorded in 2018, which showed increase of 27% year-on-year in its latest financial results.
As the business continued its exit from third-party agency brand contracts, overall sales in the Republic of Ireland fell by 5.5%, the craft beer maker said in the statement.
However, with a strategic focus on the domestic, European and international markets, Rye River Brewing sales of own-produced beers grew by 34% in 2018, strengthening its position as the most influential producer and exporter within the highly competitive Irish Craft beer retail landscape, it explained.
The company explained that the strong result comes on the back of 45% own-produced sales growth in 2017.
“2018 saw further progress in implementing our strategic plan to focus on becoming an exclusive Craft Beer producer with no agency brands and allowing our brewing capacity to be totally dedicated to our own portfolio of beers," Tom Cronin, founder and managing director of Rye River Brewing said.
"This approach has seen us return to operating profit last year on the back of strong export growth of our premium Irish Craft Beer product to leading retail partners."
The group said that the growth of its exports continues into 2019, with expansion beyond the current 25 export markets it currently serves.
"The outlook remains strong for Rye River Brewing as demand for quality Irish Craft Beer increases and our ability to grow our export markets continues apace.” Cronin concluded.
© 2019 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click sign-up to subscribe to Checkout.