Rye River doubles European sales
During its 2018 financial year The Rye River Brewing Company more than doubled sales across Europe from €1.3 million in 2017 to over €2.7 million last year and the growth of its exports continues into 2019 with expansion aimed beyond the current 25 export markets it currently serves.
4 June 2019 | 0
Ireland’s “fastest-growing and most decorated independent craft beer brewery” produces beers under the flagship brand McGargles as well as supplying award-winning private and exclusive craft beers via The Crafty Brewing Company, Solas and Grafters.
The brewery returned to operating profitability in 2018 following a refocusing of the business on brewing its own portfolio of beers and the development of export markets for its range of premium Irish-brewed craft beers.
“As the business continued its exit from third-party agency brand contracts overall sales in the Republic of Ireland fell by 5.5%,” reports the company, “However, with a strategic focus on the domestic, European and international markets, Rye River Brewing sales of own-produced beers grew by 34% in 2018, strengthening its position as the most influential producer and exporter within the highly competitive Irish craft beer retail landscape. This strong result comes on the back of 45% own-produced sales growth in 2017.”
This export focus contributed to a return to Operating Profit of €85,317 for the financial year ended 31st December 2018. After-tax losses for the 2018 financial year amounted to €194,201 after charging interest payable of €461,284 (2017: loss of €797,313).
As part of its ongoing investment programme 2018 saw further investment in Rye River’s brewing capacity and capability with capital expenditure amounting to €634,710 in 2018 (2017: €264,074). On current trading projections, the company expects to deliver a net profit in 2019 and is on-track to deliver its five-year strategic growth plan by the end of 2023.
“2018 saw further progress in implementing our strategic plan to focus on becoming an exclusive craft beer producer with no agency brands and allowing our brewing capacity to be totally dedicated to our own portfolio of beers,” commented Rye River Brewing’s Founder and Managing Director Tom Cronin of the company’s performance, “This approach has seen us return to operating profit last year on the back of strong export growth of our premium Irish craft beer product to leading retail partners. The outlook remains strong for Rye River Brewing as demand for quality Irish craft beer increases and our ability to grow our export markets continues apace.”
During 2018 the company also received international critical acclaim for its range of beers by winning an unprecedented 19 World Beer Awards, officially making Rye River Brewing “Europe’s most decorated brewery” at the 2018 WBAs.
In the past two years Rye River Brewing has won five Best in Class Awards at the WBAs – meaning that Rye River Brewing now produces five of the best beers in the world within their specific profile range, a feat achieved by no other independent Irish craft beer company and making it the leading and most influential craft beer brewery in Ireland employing 47 at its Celbridge brewery in County Kildare.