St Austell's reports "record results" for 2016
St Austell’s Brewery in Cornwall has reported “record results for 2016” aided by the acquisition of Bath Ales last year.
The brewer, which has 178 pubs and a portfolio of beers, has reported a 13.2% increase in annual turnover to £153.2m and a 5.2% increase in operating profit to £14m, in the year to 31 December 2016.
Will Michelmore, non-executive Chairman of St Austell Brewery said: “I am very pleased to report another record financial performance for St Austell Brewery in 2016. During the year we invested £25.9m in capital expenditure, of which £16.7m was on new acquisitions. These included the purchase of Bath Ales. This acquisition supported our strategy to strengthen and extend our presence in distribution facilities and refurbishing and improving our pubs and hotels.”
Chief executive, James Staughton, said: “It has been an excellent and historic year for the company. The acquisition of Bath Ales was a logical step towards our strategic objective of having the best pub estate and premier beer brands in the South West of England.
“A review of our strategic ambition led to the acquisition of Bath Ales whom we have long admired. Their pubs and beers complement those of St Austell and our integration plans are on track.
“Our strategy is to continue to invest for the long term and ensure that we remain focused on delivering wonderful distinctive experiences through great products and services, conscious innovation, measurement and the scaling of what works. The company’s continued success relies on our employees and licensees and I thank them for all their hard work, dedication and relentless commitment to delighting our customers.”