St Austell reports record turnover
Cornish brewer and retailer St Austell Brewery had reported a remarkably buoyant financial performance in the year to 2 January 2010.
The company saw pre-tax profit jump by £389,000 to £7,806,000 on turnover up by £6,634,00 to a record £93,338,000.
Underlying profit was up by 20% to £9,021,000 but St Austell directors wrote down the value of two properties bought at the height of the market by £1,118,000.
The effect is to reduce the increase in profit to 9.6% at £7,224,000 for the year.
Chairman William Michelmore said: "These results are particularly pleasing following a disappointing performance in 2008 in view of the fact that economic conditions remained very challenging.
"Indeed the effects of these conditions manifested themselves with a record number of our wholesale customers going of business leaving debts behind.
"However, our wholesale division still managed to increase its contribution.
"Our estate also had a strong trading performance with both our managed and tenanted estates significantly improving on their performance of 2008.
"This despite a third consecutive summer of disappointing weather.
"However, helped by a weak pound, a number of UK residents decided to holiday in this country and the south-west had its fair share of visitors."
The company bought five pubs diring the year - the Three Crowns at Chagford was a freehouse while the other four were Punch pubs.
St Austell also sold its leasehold interest in Five Degrees West in Falmouth and freehold depot sites in Redruth, Newquay and Bude.
Draught ale sales were up 18% and packaged ales up by 29%. Tribute sales were up by 22% and now account for 69% of the total St Austell volume of 52,000 barrels. Michelmore added: "This is the first time in the history of the company that we have sold more than 50,000 barrels and is an indication of how well our ales are received by customers throughout the country.
"Indeed, national sales contributed significantly to this milestone selling over 26,000 barrels of our own ale with turnover up 38% on 2008."
Directors were paid a total of £311,000 in the year, down from £323,000 the year before.
