Meantime Brewing Company, the London brewer led by Nick Miller, turned around a loss to report a pre-tax profit of £130,709 in 2011 on the back of rising sales.
Turnover grew 38% to £6.1m for the company, which cited “healthy increases in sales revenues and improved operating results”.
“This was achieved in a market and environment that was extremely challenging, driven by the demand for the Meantime brands and the fact that the Retail outlets were managed effectively in their markets, with the benefit of a full-year of trading coming from the Old Brewery [its brewpub and restaurant] in 2011.
“The Brewing Company brands, led by London Lager, London Pale Ale and Helles, established themselves as the leading craft brewed brands within the London on-trade. Distribution for the brands was increased across the year through both direct sales and through third party routes to market, namely through preferred wholesale partners and other independent wholesalers.”
Meantime, which in September appointed former Miller Brands managing director Nick Miller as its chief executive, also turned around an operating loss of £370,735 to report an operating profit of £151,980 last year.
The company reported a pre-tax loss of £646,661 in 2010 when it incurred costs of £162,561 for moving to its new brewery and startup costs of £74,931 for the Old Brewery. Meantime has raised £2.5m through a new share issue to achieve its plan to increase brewing capacity from 25,000 to 125,000 hectolitres.
“The directors feel the company is well placed both commercially and financially to commence the expansion of the brewery, whilst being able to seize commercial opportunities in the market place,” the firm added.
“The company will do this by raising additional share capital, installing new maturation and fermentation vessels and other brewery equipment and completing the recruitment of personnel to key positions.”
Meantime said it had sufficient bank balances and other current assets to meet its short term liabilities, and didn’t expect further financial issues in 2012.
Directors did not recommend payment of a dividend.
