Cornish brewery posts record revenues

Cornish brewery St Austell posted record revenues and a jump in profits for the last financial year.

Despite challenging trading conditions, the brewer said demand for beer had remained “strong”.

The pub company said underlying operating profit grew by 15% to £13.2m for the year while turnover was £229.5m for the same period.

St Austell said costs had increased “significantly” over the year – particularly for food and labour – while the cost-of-living crisis had continued to reduce levels of disposable income and change consumer behaviours.

Will Michelmore, non-executive chair, said the firm was “pleased” the increase in sales had been converted into improved profits for the business.- Verity

“We are very proud of these results given the challenges that the company and wider sector continues to face,” he said. “We continue to be optimistic about our long-term prospects and remain confident that we have the leadership and focused strategy that will ensure the company’s continued growth and future success.”