BrewDog reduced its losses by 38% year-on-year in the 12 months ending 31 December 2024.
BrewDog informed its shareholders, known as “equity punks,” that it recorded a pre-tax loss of £36.6m last year, improving on 2023’s £59.2m but still short of returning to profit. After tax, the company remained £34.5m in the red.
According to The Guardian, BrewDog’s shareholder statement minimised the significance of stagnant revenues and continuing pre-tax losses, emphasising the group’s preferred measure of “adjusted” profit before interest and tax of £7.5m. The company stated that this figure represented a return to profitability for the first time in several years.
Revenue remained largely unchanged at £357m, a rise of less than 1% on 2023’s £354.6m.
Private equity investor TSG Consumer Partners, BrewDog’s largest shareholder, has committed a further £20m in financing to the group.
James Taylor, BrewDog’s third CEO in a year, sought to highlight the positives, noting the company had “achieved our highest ever share of the UK beer market, selling the equivalent of 4.5 cans every second in UK supermarkets.”
BrewDog saw another co-founder exit last month, with Martin Dickie leaving the business a year after James Watt stepped down from his role as CEO.
BrewDog runs around 120 bars, hotels, and venues worldwide and employs over 2,700 people.
In July, BrewDog closed 10 bars, including its flagship in Aberdeen, citing challenging market conditions.
Concerns about the group’s prospects emerged following a report in The Telegraph that BrewDog’s beers had been withdrawn from nearly 2,000 pubs, resulting in a one-third reduction in distribution.
Despite wider challenges, the group highlighted ongoing success across smaller pubs, sports venues, festivals, and live events.