Mighty Craft has published a fourth quarter business update which shows a sales revenue of $8.9m, which is up 292 per cent on the same quarter last year.

The strong result has come despite Mighty Craft saying the fourth quarter is traditionally its lowest sales quarter. Some of the key highlights of the quarter include cash receipts of $9.8m, wholesale spirits and RTD sales revenue of $2m and beer sales growth of 33 per cent.

Retail venues contributed $4.0m in revenue (45 per cent of group revenue), growing at +605% on pcp. The company notes that prior year performance was impacted by national lockdowns due to COVID. Across the portfolio there are a number of venues in the consolidated group across Victoria, New South Wales, South Australia and Queensland.

Venue performance was impacted by closures, due to a COVID lockdown, in Victoria during Q4, and have continued to be impacted throughout July 2022, along with venues in NSW and South Australia, due to their respective state COVID lockdowns.

Commenting on the quarterly update, Mighty Craft’s Managing Director, Mark Haysman said: “The growth we have seen in FY21 has been very strong. In the last two years we have progressed significantly from a pre-IPO business doing $4m revenue a year to a listed business doing $31m (cash receipts) in FY21 and we expect to deliver a transformational result of $78.7m in revenue and underlying EBITDA of $6m in FY22, post the acquisition of the Adelaide Hills Group.

“Mighty Craft is executing on its strategy by growing and acquiring scale quickly, exactly as we have outlined to the market. We remain very positive about the year ahead and will continue to update the market on our progress towards hitting our stated FY22 guidance.”

The company also said its upgrade to the Kangaroo Island Distillery is due to be completed and operational in the first half of this financial year and that it plans to launch its Tasmanian whisky brand, Hidden Lake, in the first half of FY22 as well.

This will put it on track to have around 425,000 bottles per annum of whisky production capacity from H1 FY22 putting it in a strong position to capture more share of the domestic and export whisky markets.

Andy Young

Andy joined Intermedia as Editor of The Shout in 2015, writing news on a daily basis and also writing features for National Liquor News. Now Managing Editor of both The Shout and Bars and Clubs.

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