CANADA: Brick Brewing sees record FY operating profits
- FY net profits up 49.6% to CAD0.5m (US$0.45m)
- Net sales in 12 months to end of January rise 6.7% to CAD37.7m
- Operating profits (EBITDA) up 14.1% to CAD4.6m
- Plans to sell Waterloo facility to upgrade Kitchener site
Canadian craft beer group Brick Brewing has reported record full-year operating profits helped by its strong-performing premium brands, Waterloo and Seagram, and cost-cutting measures.
The Ontario-based firm said today (17 April) that net profits in the 12 months to the end of January leapt by 49.6% to CAD0.5m (US$0.45m). Sales in the period rose by 6.7% to CAD37.7m.
Operating profits in the full-year came in at CAD37.7m, up 14.1% on the prior financial year.
Brick's bottom line was hit by a CAD0.7m cost after an accounting error saw it fall foul of Ontario's beer tax laws.
“Our team was successful in growing revenues and volumes, especially in our premium Waterloo and Seagram brands,” said George Croft, Brick's president & CEO. "The growth in premium brands coupled with our continued focus on cost reductions allowed us to expand margins, overcome the impact of the beer tax correction and still post record EBITDA."
New products, increased advertising and promotions boosted volumes across its brand portfolio, the company said.
Brick also announced that it will sell off its Waterloo facility, preferring insteadto upgrade its site in Kitchener. The group said it expects to begin to benefit from cost savings on the Kitchener expansion once the project is complete, targeted in fiscal 2016.
To read the company's full results announcement, click here
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