BrewDog profits dip despite soaring sales
Craft brewer and bar operator BrewDog has posted a dip in annual pre-tax profits, despite soaring sales.
The Aberdeenshire firm reported that profits fell in 2015 from just over £3.65m to less than £3.5m, while revenue climbed by 51% to £44.7m.
BrewDog said its overheads grew "slightly faster" than its overall revenue as it expanded its operations.
Last year, investments included opening 16 new bars around the world and constructing a new brewery in the US.
The brewer said revenue growth in 2015 would have been "much higher" if it had had the capacity to meet demand for its beers.
BrewDog has invested more than £20m in its Ellon brewery, increasing brewing capacity from 200,000 hectolitres per year to one million hectolitres.
It is also establishing its first base in the US, building a new 100,000 sq ft brewery in Columbus, Ohio. The facility, which is part of a $25m (£17.6m) expansion project in North America, is expected to be ready in September this year.
In its results statement, the company said: "As well as growing at 51%, 2015 was all about putting the capacity, people and infrastructure in place for our next five years of sustained fast growth and we are now in a position where we have 1.5 million hl (hectolitres) of brewhouse capacity.
"To put this in perspective, our 2015 output was 134,000 hl so we now have capacity to burn.
"In addition, brewing on our bigger system in Ellon in 2016 should have a significant and positive impact on our 2016 gross margin as we are able to brew our beers more efficiently."
BrewDog also reported it had now raised more than £14m in the fourth round of its UK Equity for Punks crowdfunding scheme.
It has set a target of £25m by the time the round closes later this month.