St Austell Brewery has reported 'strong' financial growth and record sales in the last year.

Despite turbulent times for the hospitality sector, the South West independent brewer and pub company saw its operating profit grow by 15 per cent (£13.2m).

It achieved another year-on-year milestone with record turnover (£229.5m) till December 31, 2023.

Non-executive chairman, Will Michelmore said: "I am pleased to report that St Austell Brewery has once again achieved record turnover, but importantly, this increase in sales has also been converted into improved operating profit."

He acknowledged that factors like the cost of living crisis and inflation had put a dampener on disposable income levels and changed consumer behaviour, yet affirmed: "Demand for our beers and the offer in our pubs remained strong."

Mr Michelmore added: "Despite the challenging trading environment, we continue to be optimistic about our long-term prospects and remain confident that we have the leadership and focused strategy that will ensure the company’s continued growth and future success."

(Image: St Austell Brewery)

Chief executive, Kevin Georgel lauded the team's hard work throughout 2023 that yielded "significant progress" and saw the company inch closer to realising its full potential.

He said: "We are pleased to report a 15 per cent increase in profitability, in addition to delivering record revenues for a second consecutive year.

"These results are testament to our all of our teams as well as our tenanted business partners."

Mr Georgel highlighted the brewery's commitment to delivering value in view of the cost of living affecting people across the country, and pledged to exceed every guest's expectations, whether they are visiting their pubs or just enjoying their beers.

The chief executive projected a positive future for the company, noting its "strong financial performance" and "strongly cash-generative business with a clear strategic direction", and promising to focus on evolving the business positively.

St Austell Brewery remains committed to growth and expanding its offerings, whilst retaining its profitable status in the market.