Overseas thirsts lift craft brewery Innis & Gunn to new highs
Independent Scottish craft brewer Innis & Gunn enjoyed a significant year of growth as it increased annual turnover by 22% to £14.3m as it laid foundations for a planned doubling of the business in the coming two years.
Sales volume exceeded 2.2m cases for the first time in the history of the Edinburgh based company, which raised £2.4m via crowdfunding from nearly 1,914 new shareholders during the year.
The funds were used to up the capacity and technology at its brewery, with the majority reserved to open new Beer Kitchens, of which two were opened in Dundee and St Andrews in the year, with advanced negotiations currently taking place over sites in the UK and overseas as it looks to make "Tap & Table" its focus in 2017.
International sales accounted for much of the company's growth, with Canada staying in the lead as the primary export location, making up in excess of one fifth of total sales volume.
New distribution deals were also signed in Europe and Asia
I&G also sold just shy of 600,000 bottles over the year, as part of the first year of a joint-venture with French beverage company SIP Drinks and anticipates volume to double in the market over the next twelve months.
Gross profits jumped 25% to £8.5m last year as chairman Tony Hunt called it a "transformative year" in which it purchased the Inveralmond Brewery in Perth to add a stable of award-winning beers.
Hunt said it was just "the start of a planned transformation of our business".
"Most important of all, we laid the foundations from which we plan to double the size of this business over the next two years."