Craft brewery BrewDog has unveiled a 55% jump in half-year revenues thanks to rapid expansion of its bar chain and strong demand for its tipples.
The group behind Punk IPA beer reported revenues of £78 million for the first six months of 2018, with UK retail sales surging by 83%.
It said the performance had been helped in particular by its fast-growing bar and pub business, which saw interim revenues almost double – up 92% – after a raft of new openings and its recent acquisition of the 14-strong Draft House estate.
BrewDog – based in Scotland – now has 50 pubs in the UK and internationally after the Draft House deal, while it also opened nine bars overseas and a BrewPub, featuring an on-site small-batch brewery, in London since the start of 2018.
It hopes to ramp up expansion further, announcing plans in April to open at least 17 new bars in the UK and around the world.
Bars in Canary Wharf, London and Reykjavik, Iceland among others are set to open in the coming months.
The group said its on-trade sales were also racing ahead, thanks to ongoing partnerships with pub giants JD Wetherspoon and Greene King, while it has also seen strong off-trade sales, helped by supermarkets Morrisons and Tesco adding a combined 7,900 distribution points this year.
BrewDog co-founder James Watt said the group was at an “exciting and pivotal” juncture.
He said: “We’ve established a solid and rapidly growing presence in the UK and the demand from Europe shows no signs of waning.
“We’re making significant inroads in Asia and Australia, which I believe will begin to bear fruit in 2019.
“Our US business is expanding at breakneck speed with new distribution points added every week.”
But he said the firm would not “rest on our laurels”.
“There is much work still to do to change minds and bring more people into the craft beer revolution around planet Earth,” he added.
The firm this week opened its first craft beer hotel in the US to tap into a growing market in America, while a second DogHouse hotel is under construction at the firm’s headquarters in Ellon, Aberdeenshire, due to open next year.
Interim figures showed BrewDog made £5 million in revenues.