ASX-listed Good Drinks Australia has reported strong financial year results for 2021, with the parent company to brands like Gage Roads and Matso’s generating $51.6 million of revenue – a result that is up 40 percent on FY20.
Other key figures reported by Good Drinks include a gross profit of 69 percent (up from 66 percent in FY20), a total production volume of 19.8m L (up 53 percent on FY20), and an EBITDA of $10.7 million – up a whopping 1683 percent compared to last financial year.
The results, which are yet to be officially audited, were presented to Good Drinks investors in a video hosted by John Hoedemaker (Managing Director) and Marcel Brandenberg (Chief Financial Officer).
“We’re very excited to share FY21 results with you, it’s simply been an outstanding year,” said Hoedemaker. “I’m very pleased to report that the business and culture here at Good Drinks Australia is in great shape.
“The team have really performed this year, and they’ve had a very ‘can-do, let’s take every opportunity and make it count’-attitude, even during times of uncertainty.”
With the aim of maintaining its position as “the #1 independent supplier to the national beer market”, the company sold over a million cartons of Good Drinks products in FY21, and also sold its one-millionth carton of flagship beer Gage Roads Single Fin during the course of the year.
Pack sales were up 47 percent, draught sales up 60 percent, and east coast distribution – a key growth opportunity for the Western Australia-based company – grew by 30 percent.
Key to Good Drinks Australia’s future growth is its venue strategy, which the company says will “connect consumers with our brands, increasing awareness, driving retail sales”.
Although it operated at an overall loss due to COVID-19 restrictions, the Atomic Beer Project venue which opened in Redfern in September last year was profitable during non-restricted conditions.
The company also highlighted that it is targeting a summer opening for its $10 million Gage Roads A Shed venue in Fremantle, and that it is actively looking for more venues in Queensland and NSW.
As part of its report to investors, Good Drinks Australia also presented a snapshot of how it compares to other independent breweries in terms of market share.
With a total retail sales value of $89m (according to data collected by AZTEC Information Services), Good Drinks is the number-one independent beer manufacturer in the country, and the third biggest beer manufacturer in the craft category.
This figure puts Good Drinks above Stone & Wood ($72m), Coopers ($65m), Colonial Brewing Co. ($34m), Burleigh Brewing Co. ($32m) and Young Henrys ($25m).