Canada, ON: Waterloo Brewing reports record annual EBITDA for 2019
Waterloo Brewing Ltd. ("Waterloo Brewing" or the "company"), Ontario's largest Canadian-owned brewery, on April 9 released results for the fourth quarter and full-year ended January 31, 2020.
Waterloo Brewing posted record annual EBITDA of C$12 million on net revenue of C$60.3 million. EBITDA for the fourth quarter was up 18.7% from prior year, to C$3.4 million.
"Our business has significant momentum and we thank our valued consumers for their continued support," said George Croft, President, and Chief Executive Officer Waterloo Brewing, "From our owner brands to our co-pack business we are extremely pleased with our industry-leading performance and growth in fiscal 2020. In this past fiscal year, we produced a step-change in both the operating and market performance of the business. In each of the past four quarters, we have been able to deliver growth in both volume and margin which resulted in an outstanding +19% EBITDA growth versus the prior year. As a growing company, in a mature category, that performance is simply remarkable and a testament to the drive and passion of everyone who works here at Waterloo Brewing."
"Our premium portfolio posted volume gains of +24% in fiscal 2020. Landshark Lager was a tremendous success story driven by the in-case promotions delivering volume in excess of 30,000 hectolitres and growth of +33%. Our new small-batch brewhouse and taproom will showcase uniquely original Waterloo craft beers and become an innovation engine for our Waterloo brand and further its current +6% momentum. Our flagship Laker brand delivered an astonishing +20% growth versus 2019 thanks to a growing, loyal following of beer drinkers and our Seagram business grew +58% with the launch of our new Island Time Anytime ready-to-drink cocktail. Co-pack production reported a +4.8% revenue growth in fiscal 2020. Continued investment in our operational capabilities also brought in new co-pack agreements in 2019 which will deliver an additional $40 million dollars of revenue over the next three years," added Croft.
"Our company continues to deliver growth," continued Croft. "It's the product of incredibly hard work by the most dedicated group of people I've had the pleasure of working with in my considerable career. The strategic choices we made several years ago are paying significant dividends today, and we have never been more confident in our ability to deliver value and growth to our shareholders."
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