Mighty Craft has reported its results for the 2022 financial year (FY22) with another year of record sales growth on the books after selling eight million litres of beer and cider as well as 264,000 bottles of spirits.
The company now also has over 330,000 litres of whisky under maturation and says the Adelaide Hills Group of companies is now successfully integrated into the business.
FY22 saw Torquay Beverage Company launch Better Beer with the Inspired Unemployed, which delivered $19m of sales and sold 4.3m litres since its launch in October 2021.
Mighty Craft reported revenue from continuing operations of $62.5m for the year, up 207 per cent on FY21, with underlying EBITDA from continuing operations of $(6.3m), adjusting for one off items including costs associated with the Adelaide Hills Group acquisition, share based payments, redundancy costs and non-cash one of impacts associated with the increased debt facility announced in July 2022.
Mighty Craft’s Managing Director, Mark Haysman said: “FY22 was another year of record sales growth and progress towards our FY25 ambition despite a challenging operating environment. The business sold 8 million litres in the Beer / Cider / RTD category, 264,000 bottles of spirits, and we finished the year with 334,000 litres of Whisky under maturation. This is ahead of all the targets we released in February.
“We have also released our FY23 volume targets today which demonstrate that the growth trajectory is expected to continue. The business delivered many milestones in FY22 including the acquisition of the Adelaide Hills Group of companies, the launch of Better Beer and completion of the Kangaroo Island Distillery.
“Despite the strong growth performance, the earnings performance was behind expectations driven by poor venue performance, COVID related challenges in the on-premise channel and inflationary pressures later in the year. We have put measures in place to address these issues including significant reductions in the overhead cost base, which were implemented in Q4 FY22.
“I am incredibly proud of the team in delivering the growth result despite the challenging operating environment and we will continue to drive aggressive growth and the path to sustainable earnings.”
Looking ahead the company is targeting beer, cider and RTD sales of 14 million litres, spirits sales totalling 400,000 bottles and 535,000 litres of whisky under maturation.