BrewDog’s new CEO confident despite fourth year of losses
Reading time: 1 minute
BrewDog Lothian Road location in Edinburgh (credit: George Iordanov-Nalbantov)
BrewDog has posted a £59 million pre-tax loss for 2023, marking the Aberdeenshire-based craft beer company’s fourth consecutive year of losses.
This follows losses of £12.5m in 2020, £9.4m in 2021, and £30.5m in 2022. The company last recorded a pre-tax profit of £1.1m in 2019.
Despite the losses, new CEO James Arrow remains optimistic, citing a 10% revenue increase to £355m in 2023 and the success of craft beer Punk IPA. He attributes the losses to one-off impairment costs related to past acquisitions and restructuring, including the closure of the Hawkes cidery in London, The P&J reports.
Mr Arrow highlights that trading losses were “significantly reduced” in 2023 due to increased efficiencies and claims the business has returned to profitability in 2024. He emphasises the company’s focus on sustainable growth and continued investment in its beers, bars, and employees.
This news comes after co-founder James Watt stepped down as CEO in May 2024 after 17 years leading the company he started with Martin Dickie in 2007.
Share this article:
Subscribe to our newsletter to not miss articles like this one:
SUBSCRIBE
