Rye River Brewing Company has reported a revenue increase and has maintained operating profitability in 2021.
According to the craft beer brewer, revenue for the year grew by 6.2% from €7,102,066 in 2020 to €7,529,658 in 2021, despite 'significant challenges in domestic and international markets' last year.
An operating profit was maintained, albeit at a lower level of €52,343 which was mainly due to increased operating expenses as the brewery moved to a 24/7 brewing model, due to the 'stop-start' lockdowns during the COVID-19 pandemic.
The company's EBITDA (earnings before interest, taxes, depreciation, and amortisation) for the period was €449,222.
Commenting on the company’s 2021 results, Tom Cronin, founder and managing director of Rye River Brewing Company, said, “Growing revenue and maintaining operating profitability in 2021 amid exceptional challenges in a further year of sustained flux resulting from the pandemic is an extraordinary achievement for Rye River Brewing Co.
In addition to its strong financial and operational performance during 2021, Rye River noted that it secured 31 awards in 2021 at the World Beer Awards (WBA), beating a record 30 awards the company earned the previous year.
"The resilience, leadership, innovation and tenacity shown by the company’s team in navigating the challenges of the pandemic has been key to our continued growth," he added.
Looking ahead, the Celbridge, Co. Kildare-based brewer noted that trading volumes for the first half of 2022 so far has remained strong with continued volume and market share growth.
While recent investment in production efficiencies have eased pressure on costs, many increased costs are 'completely outside of the company’s control'.
For instance, the sourcing of glass has moved from Russia to UK manufacturers since the onset of war in Ukraine, which will see an impact of €200,000 in additional costs in 2022, the company highlighted.
"Despite the fresh headwinds posed by geopolitical events adding to inflationary pressures and some domestic and international uncertainty, our growth ambitions remain undiminished," Cronin said.
"Rye River Brewing Co. is well placed to build further on its consolidated market and product-leading capability to attract the investment and product demand that accelerates sales growth domestically and in our export markets well into the future.”