Coopers Brewery has recovered its profit-before-tax by around $11 million for 2019-20 to $34.3 million, compared to last financial year, as total beer sales increased by 3.9 per cent.
The South Australian family-owned brewery has cited its growing portfolio of cans and DIY brew kits as aiding the increase for the FY19-20 period, with total beer sales (excluding non-alcoholic beers) rising to 79.8 million litres, up from 76.8 million litres the year before. Its profit-before-tax in 2019 financial year was $23.1 million, which has this year risen to $34.3 million.
Despite a decline in retail sales in the first half of the financial year, the last four months saw “outstanding growth of 166 per cent”, with DIY beer concentrate sales increasing by six per cent, from 2,600 tonnes last year to 2757 tonnes this year .
“To have emerged in an overall strong position is testament to the loyalty of beer drinkers, the sheer resilience of hoteliers and publicans and the determination of our team at Coopers Brewery. We’re looking to the year ahead with cautious optimism,” said Coopers Brewery managing director Dr Tim Cooper.
“The pandemic has had a significant impact on Australia’s hospitality industry and our keg sales in particular suffered as a result.”
“We introduced a number of initiatives to support hotels and venues over this challenging time, including offering refunds on full kegs returned to the company. In total, 13,000 kegs were collected from venues across Australia at a cost of over $3 million.”
“We’re planning more campaigns and events to assist venues on the road to recovery over the coming months.”
Keg sales dropped by 24.4 per cent, due to social restrictions amid the COVID-19 pandemic, while sales of international partner brand beers also fell by 2.5 per cent over the year.
Coopers saw sales volumes increase across all states, with Western Australia experiencing largest jump at 13.6 per cent, while Northern Territory had a small decline of 1.3 per cent.
Coopers’ XPA, Pale Ale and Sparkling Ale led the cans sales, as well as the resurgence of its Best Extra Stout – one of its oldest beers – with sales hitting its highest levels in more than half a century, the brewery said.
Around $20.7 million was paid down on debt, while malted barley production – which now represents around 10 per cent of Coopers’ revenue – increased 30 per cent from 44,300 tonnes to 57,900 tonnes following demand across Asia.
Coopers also had a reduced dividend for the first time since 1994, dropping from $12 per share compared to $13 per share the year before, which “the conservative position taken by the Board in a period of uncertainty”.
Coopers ranked in at #83 in Australia’s Top 100 Food & Drink Companies 2019 report.
