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News
Innis & Gunn profits up 25%
Scottish brewer Innis & Gunn has announced strong figures from an “outstanding” 2016 and says it is on track to meet its turnover goal in 2018.
The brewer reported that its group turnover increased by 22% to more than £14.3 million in 2016, up from £11.8m in 2015, while annual gross profits increased by 25% from £6.8m to £8.5m.
Sales volumes passed 2.2m cases for the first time in what was the 13th year of consecutive growth for the Edinburgh-based brewer.
Over the last five years volume turnover has increased by 175%, including sales from the Inveralmond Brewery, whose brands were integrated into the Innis & Gunn business last year.
The company said in a statement that the figures show it is on track to meet its goal of £25m in turnover by 2018. It also wants to treble its beer production over the next 12 months at its Perth brewery.
Sales have been given a boost by overseas markets. Canada is the brewery’s largest export market, representing a fifth of total volumes, while a new joint venture with SIP Drinks in France saw 600,000 bottles sold in that country in 2016 with volumes projected to double in the next 12 months.
Sales in the domestic market also remained strong, with sales of Innis & Gunn lager almost quadrupling in the last two years.
Tony Hunt, chairman of the board of Innis & Gunn said: “2016 was an outstanding year for Innis & Gunn and the start of a planned transformation of our business. We acquired our first-ever brewery, opened new Beer Kitchens, launched some delicious new beers, achieved record sales volumes and won our 46th award for quality since 2009.
“To top it off, through our crowdfunding we brought nearly 2,000 new shareholders into the Innis & Gunn community. Most important of all, we laid the foundations from which we plan to double the size of this business over the next two years.”
That is pretty ambitious creative license!
Revenue up 22%, GP up 25% – So, what this article is actually saying is “Innis & Gunn made their beer cheaper than they did in 2015″… This essentially means a 3% increase in Gross Profit in 2016 Vs. a Revenue increase of 22%.
GROSS profit is not profit, and it’s not right to suggest it is. Another example of Innis & Gunn lying and deceiving the public, investors & press.
Any report on Net Profit? Or do they not want to mention that?
Hi Frank, net profit was £249k versus a loss in the previous year. The reason for the difference in revenue versus GP was due to currency movement. I am not aware from looking at the accounts that Innis & Gunn are lying about their results?? GP is simply one of the many measures that can be used when looking at the performance of a company.