BrewDog swings to £13m loss in FY20 results
The brewery and pub chain did see gross revenues rise 10.6% year-on-year to £238m during FY20
BrewDog has reported a £13.3m loss for the year ended 31 December 2020, down from 2019’s £1.05m full year profits.
The brewery and pub chain did see gross revenues rise 10.6% year-on-year to £238m during FY20.
However, rising duty, operating expenses and finance costs caused the group to swing to its £13.3m loss in its “toughest year” to date.
James Watt, chief executive at the company, said: “The last 12 months were just like being a start up again.
“To grow our overall revenues by 10% despite the fact that the vast majority of our 100 bars were closed for huge chunks of the year (this was budgeted to account for 40% of revenues in 2020) and the global on-premise market was essentially closed without doubt is the most significant achievement in our short history.”
The year saw BrewDog both expand its e-commerce business by 900% and achieve the status of the “world’s first and only” carbon negative brewery.
Watt added: “The impact of the pandemic is going to accelerate the pace of change and we will see more change in the second six months of 2021 than we have seen in the previous 10 years.
“We know customers are changing to brands with purpose, brands with solid sustainability credentials, brands with quality at their core and brands who genuinely care. Next year we will see the pace of this change accelerate.”
