BrewDog swings to loss despite rise in revenue
The company plans more hotels
BrewDog sank to a £7.4 million operating loss last year despite seeing a rise in revenue during the lockdowns.
The Aberdeenshire-based company saw revenue rise 10% to £238m for the year to the end of December (2019: £215m) in what co-founder James Watt described as “without a doubt the toughest year in our 13 year history.”
In that context he said the revenue increase during a year when its 100 bars around the world were mainly closed was “the most significant achievement in our short history”.
After bars were shut the company drove sales online and its e-commerce revenues shot up by 900%.
The previous year had seen operating profit of £3.7m. Adjusted EBITDA came in at £7.2m against £17.1m in 2019 which was inflated by a non-trading gain from its acquisition of a brewery in Berlin.
In a foreword accompanying the results Mr Watt says it was a year when BrewDog “significantly strengthened our brand” but makes no mention of the fall-out with former employees who accused the company of having a “toxic culture”.
He said the company is working on 30 new locations including new hotels in Manchester, Berlin and Brisbane.