Rye River Brewing Company sees domestic performance grow by 21%
Rye River Brewing Company sees domestic performance grow by 21% . Ireland’s number one retail craft brewer records an operating profit of €154,934 for 2019, an uplift of 82% on 2018
Kildare-based brewery employs 53 in Celbridge, making it one of Ireland’s largest craft brewers
Ireland’s fastest growing and most decorated independent craft beer brewery, Rye River Brewing Company, which produces beers under the flagship brand McGargles, as well as supplying award-winning exclusive craft beers, The Crafty Brewing Company, Grafters, Solas, Rye River and Rye River seasonal, has seen its domestic performance grow by 21% despite stagnant growth in the Irish craft beer industry overall. The positive results for 2019 reflect Rye River Brewing Company’s position as an influential leader within the craft beer landscape in Ireland and internationally.
An operating profit of €154,934 was recorded for 2019, an uplift of 82% on 2018 signifying great progress following the company’s successful business transformation in recent years. Top line sales saw a growth of 8.3% which delivered an EBITDA of €743,345 in 2019 following a strategic focus on the domestic, European and international markets. On current trading projections, the company is on track to double its profit by the end of 2023 in line with its five-year strategic growth plan.
During the 2019 financial year Rye River Brewing Company saw export volume account for 51% of total sales. Rye River Brewing Company finalised and launched its new export brand under the brewery name launching in London and France as well as winning a national listing with Esselunga in Italy. Rye River Brewing is now exporting beer to 27 markets.
The company currently brews in excess of 30,000 hectolitres annually. In 2019 the brewery continued to invest in their brewing capacity and capabilities, adding three new 10,000L vessels. The brewery now has 21 Fermentation vessels and 6 Bright beer tanks, allowing them to capitalise on the growing national and international demands for their award-winning beers. Future investment plans include the introduction of a canning line in August of this year.
The company entered a sale and leaseback agreement for their Celbridge premises in March 2020, the €3.3m proceeds of which were used to reduce the organisation’s debt. The related mortgage of €1.3m was settled in the same period. The loss for the 2019 financial year after taxation amounted to €62,417 after charging interest payable of €333,099 (2018: loss of €194,201). However, the company expects to generate a Net Profit in FY2020 and in the 12-month period to the end of December 2020.
Speaking about the Company’s performance and the recent Covid-19 crisis, Tom Cronin, Founder and Managing Director of Rye River Brewing, commented: “The outlook remains strong for Rye River Brewing as consumer appetite for quality Irish Craft Beer increases with domestic demand for all our beers reaching an all-time high. While Covid-19 has impacted the business since March 2020, our production facilities have remained fully operational and delivered record brewing levels, demonstrating the resilience of our team and our agile production processes ensuring we continue to consistently deliver great beer.”
“Notwithstanding the impact and unique challenges associated with Covid-19, we are extremely positive looking ahead to the rest of the year. Our strong retail domestic performance in the first half of 2020 and our reliable supply chain performances have meant that our revenues are still on track to reach our 2020 targets, allowing us to provide job security to our 53 employees, which we intend to grow throughout 2020”.
Rye River Brewing Company is aiming to become the first Irish craft beer brewery to achieve the British Retail Consortium Global Standard for Food Safety Certification which is a Global Food Safety Initiative recognised certification programme that will support Rye River’s continued expansion internationally.
During 2019, the company also received international critical acclaim for its range of beers by winning an unprecedented 21 World Beer Awards (WBAs), officially making Rye River Brewing the “World’s most decorated independent craft brewery “at the 2019 WBAs. Since the establishment of the brewery in 2013, Rye River Brewing has achieved a phenomenal 154 awards. In the last three years Rye River Brewing has won five Best in Class Awards at the World Beer Awards – meaning that Rye River Brewing now produces five of the best beers in the world.
About Rye River Brewing Company:
Established in 2013, Rye River Brewing Company is one of Ireland’s largest & most decorated independent craft breweries, brewing over 30,000 HLs in 2019. The brewery employs 53 people and produces a range of 30 multi award-winning beers, under 6 successful brands. Their flagship brand McGargles is the fastest growing domestic craft brand in Ireland and they are the number one craft brewery in the Irish retail market. In 2019 they were crowned the worlds most decorated independent craft brewery at the World Beer Awards.