Revenue grows at Good Drinks Australia
Good Drinks Australia, owner of Gage Roads Brew Co. has seen an increase in revenue and sales in the first half of the financial year.
The results posted to the ASX today showed that the group earned an EBITDA of $6.1 million, which Good Drinks said was a strong result given “softer macroeconomic conditions”.
Good Drinks reported a total group revenue of $59.2 million, up 80 per cent from the previous corresponding period while 14.1 million litres were sold, a 35 per cent increase.
The company said this was led by a significant increase in national distribution growth which saw a 98 per cent increase from the prior corresponding period.
Sales of its own brands also grew 12 per cent growth, which it said outperformed Australia’s beer and craft markets, citing data from IRI which showed a 7.9 and 1.7 per cent decline in the categories respectively.
Elsewhere, the company confirmed that production of contract brewing has mostly unwound with volume decreasing by 94 per cent to 200,000 litres in the six months.
The ASX-listed business also reported an increase in sales and marketing expenses to $9 million.
In its outlook for future targets, the group outlined its goal of reaching $25 to $35 million EBITDA by 2025.
The results follow a series of announcements of internal changes within the group.
Earlier this year, the group announced a partnership with surfer Jack Robinson which could see him as a potential shareholder.
This week, prior to reporting its results, the group announced Aaron Heary as executive director and Phil McClintock to the role of chief operating officer.