Canada, ON: Brick Brewing achieves record annual EBITDA of C$10.1 mln last year

Brick Brewing Co. Limited, Ontario’s largest Canadian-owned brewery, released on April 11 results for the fourth quarter and full year ended January 31, 2019. Brick posted record annual EBITDA of C$10.1 million on a net revenue of C$53.7 million. EBITDA for the fourth quarter was +57% or C$2.8 million.

George Croft, Brick Brewing President and Chief Executive Officer commented, “We are extremely pleased with our performance and the growth of our business in fiscal 2019. After a challenging first quarter, we delivered a significant step up in operating performance that our shareholders have grown to expect. During the last three quarters of the year we have been able to deliver growth in both volume and margin which resulted in an impressive 42% EBITDA growth versus the same three quarters in the prior year.

“Our premium portfolio posted volume gains of 3.5% in fiscal 2019. LandShark® Lager was a tremendous success story driven by the in-case promotions delivering volume in excess of 22,000 hectolitres. Our Waterloo brands were flat in fiscal 2019 in the face of craft beer proliferation and strong competitive category pressure. Our recently announced small batch brewhouse and taproom will showcase newly crafted Waterloo products and we expect to share these with the broader marketplace in fiscal 2020. In addition, Brick reported 33% growth in contract manufacturing revenue for the year, the result of growth with both current and new customers.

“The beer category is both mature and increasingly crowded which makes winning that much more rewarding,” continued Croft. “We’ve earned this momentum through difficult operational choices, astute investments and most importantly a brewery full of talented, committed people. And we’re well positioned for continued growth. Our warehouse expansion, small batch brewhouse and taproom projects are well underway and on track for completion in Q3 F2020. Our previously announced plans to be an active participant in the cannabis-infused beverage category are also progressing well. All of these contribute to our confidence in our ability to deliver value and growth to our shareholders for the long term.”

11 April, 2019