CANADA: Craft beer unit boosts Brick Brewing's FY
- FY net profits up 11% to CAD7.3m (US$7.2m)
- Net sales in 12 months to end of January rise by 5% to CAD35.8m
- EBITDA increases by 16% to CAD4.49m
- Craft brewing unit volumes up 30%
Strong performances from Brick Brewing's craft brewing unit and Seagram's Coolers brands has helped the Candian firm's full-year profits grow by double-digits.
Net profits in the 12 months to the end of January rose by 11% to CAD7.3m (US$7.2m), the company reported last week. Sales in the period increased by 5% to CAD35.8m.
Full-year EBITDA jumped by 16% to a "record" CAD4.49m, the company said.
Brick said it was boosted by volumes from its new craft beer division, Waterloo Brewing Co, rising by 30%, while volumes for its Seagram's brands were up by 14% in the full-year.
"Waterloo Brewing Co and Seagram are high growth, high profit businesses that hold tremendous promise for our road ahead and are the focus of our growth efforts," said George Croft, Brick's president & CEO. "What makes these financial and market achievements all the more significant is that they have been achieved despite difficult industry conditions."
The company also flagged that co-packaging agreements with other drink firms "leveraged" resources and boosted profits.
In Q4, Brick reported a 11% rise in net sales to CAD8.1m, while EBITDA jumped 50% to CAD0.9m.
In January, the company announced that its CFO had resigned. News of a replacement was not mentioned in the results release.
For the company's full announcement, click here.
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