Profits and revenues climb at brewery amidst industry headwinds
Brewery T&R Theakston, has reported continued growth in its latest annual report for the year ending 31 December 2023, despite a difficult year for the industry.
The family-controlled business, which has been brewing beers in Masham for almost 200 years, recorded a pre-tax profit of £248,000 for the period, an increase from £18,000 in the previous year.
The increased profitability comes as the business also saw turnover increase by 21% to £8.2m in the same period, despite challenges of inflationary pressure on production costs, increased operational expense for customers and consumers feeling the pinch on their disposable income.
The business achieved market share growth across all trade channels in 2023, with its two largest brands Theakston Best and Theakston Old Peculier both achieving volume growth.
According to the company, taking a longer-term view of pricing and avoiding knee jerk increases had contributed to its success, with consumers keen to secure a quality product at a fair price.
T&R Theakston is investing in its operations and has appointed the company’s first director of finance, Scott Everett, along with expanding its sales team in the North over the last year.
Simon Theakston, chairman, said: “We’re pleased to report an increase in profitability, as demand for our high-quality beers amongst customers in both the on and off trade markets is high.
“The last 12 months have proved to be a pivotal year for the business as we continue to navigate towards our 200th anniversary and we’re pleased to see demand for cask ale has endured with volumes growing by 5%.
“The increased availability of our beers in both the on and off-trade, alongside Old Peculier’s triumphant return to the American market after a 10-year absence as well as the launch of exciting new products, including our 3.4% ABV Theakston Quencher, have meant we’ve been able to continue our steady growth.
“With a healthy balance sheet and secure financial arrangements, we remain focused on growing our revenue and are excited about what’s to come this year.
“The results of last 12 months show the benefit of constant evolution rather than revolution and I’m pleased to say that as well as making changes to the executive leadership of the company, with Richard Bradbury becoming the sole managing director and the appointment of Scott as director of finance, that we have also welcomed the sixth generation of the family to the business, my son, William Theakston.”
