The milestone of £100 million in revenue is one which relatively few companies ever get to enjoy, and while there is something of an inevitability about Brewdog’s sales soaring to nine-figures, it’s only fair to look back and marvel at how two young men from the north of Scotland managed to reach such dizzy heights.
This was the tenth set of annual accounts the company has produced. Its rise has been meteoric, its spread global, and never without controversy.
There’s no doubting 2017 was a transformational year for Brewdog. There was the first beer made at its US brewery in Ohio – a long-time ambition for founders James Watt and Martin Dickie. Then there was the announcement of a third brewery opening in Australia, more millions invested by its “punk” shareholders. And the matter of TSG Consumer Partners investing more than £200m in the Ellon-based business.
The question remains as to whether TSG will try to reign in the antics of Mr Watt and Mr Dickie. The likelihood is not, but as the recent Pink IPA stunt – where Brewdog was forced to apologise after an ironic attempt to highlight women’s rights backfired – proved, the company is not infallible.
They may have whimpered , but there will be more stunts, that’s part of Brewdog’s DNA. However it has reached a size where there is more interest in what it is doing as business, than in its marketing exploits, from both beer fans and serious investors.
Its US brewery was ambitious, and will make a material difference to its 2018 sales. With plans afoot to add facilities in Australia and Asia, and a very bullish outlook in its annual report, it looks likely that growth will continue apace for the company.
In the last three years, Brewdog’s sales have grown 55%, 60% and 56% year-on-year. Achieving the same in 2018 would lift it to around £175m. Given the plans already in place, there may not be too many onlookers willing to bet against them.
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