Rye River Records Rise In Operating Profit; Plans HQ Expansion
Rye River Brewing Company has revealed that its operating profit rose 82% to €154,934 in 2019.
Meanwhile, the company's top line sales grew 8.3% resulting in earnings before interest, taxes, depreciation and amortisation (EBITDA) of €743,345.
Rye River's loss after taxation in FY2019 amounted to €62,417. However, the company expects to generate a net profit in FY2020.
"Outlook Remains Strong"
Rye River Brewing Company founder and managing director Tom Cronin stated, "The outlook remains strong for Rye River Brewing as consumer appetite for quality Irish craft beer increases with domestic demand for all our beers reaching an all-time high. While COVID-19 has impacted the business since March 2020, our production facilities have remained fully operational and delivered record brewing levels, demonstrating the resilience of our team and our agile production processes ensuring we continue to consistently deliver great beer.
"Notwithstanding the impact and unique challenges associated with COVID-19, we are extremely positive looking ahead to the rest of the year. Our strong retail domestic performance in the first half of 2020 and our reliable supply chain performances have meant that our revenues are still on track to reach our 2020 targets, allowing us to provide job security to our 53 employees, which we intend to grow throughout 2020."
HQ Expansion Plans
In other Rye River news, the company is reportedly planning to seek new investment to fund the expansion of its Co. Kildare headquarters and production facility.
Earlier this year, Rye River made €3.33 million from the sale and leaseback of its Co. Kildare headquarters and production facility. The company used the €3.3 million to reduce its debt.
According to The Irish Independent, Rye River now intends to expand the facility, with the addition of new equipment and a new craning line, and is hoping to secure fresh investment to do so.
© 2020 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.