St Austell Brewery FY23 revenues rise 10% to £229.5m

St Austell Brewery, which owns over 160 pubs, inns and hotels across the West Country, has reported another “record” year where total revenues rose 10% to £229.5m for the year to 31 December 2023.  

This comes as the group’s total operating profits for the financial period reached £13.2m, showing a rise of 15% on the previous year. 

Overall, the company generated £20.7m of underlying EBITDA before the other items, rising from the £18.1m reported in 2022. 

During 2023, St Austell saw inflation reduce from the peak of the previous year, despite cost challenges in the sector persisting. 

According to St Austell CEO Kevin Georgel, these results are “testament” to its teams as well as its tenanted business partners.

Will Michelmore, non-executive chairman of St Austell Brewery, said: “We are very proud of these results given the challenges that the company and wider sector continues to face. Costs have increased significantly during this financial year – particularly on food and labour – while the cost-of-living crisis has continued to reduce levels of disposable income.

“Despite the challenging trading environment, demand for our beers and the offer in our pubs has remained strong. We continue to be optimistic about our long-term prospects and remain confident that we have the leadership and focused strategy that will ensure the company’s continued growth and future success.” 

Kevin Georgel, CEO of St Austell Brewery, added: “2023 was a year in which we made significant progress against our ambition to release the full potential of the business. We have continued to invest in our people and our high-quality pub estate, whilst future-proofing our beer brands and drinks portfolio. 

“I am confident that we are delivering great experiences for our customers all year round, and this is generating strong profit growth.”