In its financial report for the year ended 31 December 2023, BrewDog reported a pre-tax loss of £59.2m compared to a loss of £30.5m the year before.
The group attributed the widening loss to ‘one off impairment costs related to historic acquisitions and restructuring’.
Revenue rose from £321.2m to £354.6m over the period, while underlying trading EBITDA losses reduced from £12.8m to £2.5m.
“We are pleased to report our trading losses reduced significantly in 2023, reflecting the significant changes we have made to address inefficiencies in the way we operate,” says James Arrow, CEO of BrewDog.
“This will continue to be a priority as our business continues to evolve and return to sustainable, profitable growth in 2024.”
Arrow took over as CEO earlier this year after co-founder James Watt stepped down from the role.
Posting on LinkedIn, Watt said BrewDog ‘came very close to returning to profitability’ in 2023.
Describing ongoing losses as ‘frustrating’, he added: “We’re right on the edge of a return to our strong track record of positive EBITDA trading.”
Going into 2024, BrewDog says it has made a ‘significant improvement in profitability’ with the business returning to EBITDA positive trading in the first half of the year (H1).
Revenue for H1 2024 was £137.5m.
“The progress made in 2023, and the first half of 2024 demonstrates the appeal of our brilliant beers, the power of our brand, and the strong appetite for quality craft beer in the UK and around the world,” Arrow continues.
“Our focus remains on delivering sustainable profitable growth, so that we can continue to invest in our beers, our bars and most importantly our people.”
He adds that the group’s global bar expansion plan is continuing as planned.
It has increased its footprint across Europe, the US and Australia, entered new markets including Thailand for the first time, and continued to grow its presence in major transport hubs.
BrewDog’s global bars sales increased by 12.3% in 2023.
“Together with our local partners we are committed to spreading our passion for quality beer around the globe,” says Arrow.