Yorkshire-based brewery T&R Theakston has reported double-digit growth for last year, despite what it termed a “tumultuous year for the industry”.
The family-controlled business, which has been brewing beers in Masham for almost 200 years, saw turnover increase by 21% to £8.2m in the 12 months to 31 December.
Growth was driven by market share growth across all trade channels in 2023, with its two largest brands Theakston Best and Theakston Old Peculier both achieving volume growth.
It said volumes were supported by “a longer-term view of its pricing” and its desire to “avoid knee-jerk increases”.
Despite inflationary challenges and pressure on production costs, the brewer posted a rise in pre-tax profit to £248k from £230k in the previous year.
“The last 12 months have proved to be a pivotal year for the business as we continue to navigate towards our 200th anniversary, and we’re pleased to see that demand for cask ale has endured with volumes growing by 5%,” said Simon Theakston, chairman of T&R Theakston.
“The increased availability of our beers in both the on and off-trade, alongside Old Peculier’s triumphant return to the American market after a 10-year absence and the launch of exciting new products, including our 3.4% abv Theakston Quencher, have meant we’ve been able to continue our steady growth.
“Quencher, a hop forward cask ale, was designed to meet the demand for lower alcohol beers and has gone from strength to strength since launch, now becoming our third best performing cask beer. This, alongside the continued strong performance of Old Peculier and our other brands, has really underpinned our growth.”
The business said it is optimistic over future trading, based on performance of its new and existing brands, coupled with reducing cost pressures.
This combination means the business expects both strong volume and profit growth in 2024.
Theakston added: “With a healthy balance sheet and secure financial arrangements, we remain focused on growing our revenue and are excited about what’s to come this year.
“As a result of our strong start to 2024, the board of directors are confident that the pace of growth, which has been steadily increasing post-Covid, will accelerate this year thanks to our strong brands and our solid business foundations.”
So far this year the brewery has secured new listings for its Hairy Biker’s Triple Hop beer in Waitrose, as well as expanded listings for Old Peculier and the launch of Quencher into Booths supermarkets.
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