A BREWING and hospitality company based in Cornwall has reported a strong financial performance against a challenging backdrop.

Family-owned St Austell Brewery, with its headquarters in St Austell, has also unveiled a rebrand.

The business’ annual turnover increased to £231-million with earnings before interest, tax and certain other costs rising to £22.4-million.

The company owns over 160 pubs across the West Country, including managed houses and tenancies.

Chairman Gerard Barnes said: “I am pleased to report that despite the sustained challenges in the sector, the company has once again achieved record turnover.

“While inflation has eased, a combination of fragile consumer confidence, higher taxation, the lowest number of visitors to the South West in a decade, and a second summer of disappointing weather, conspired to provide a challenging backdrop in 2024.

“The financial results represent continued momentum and positive progress against our strategic plans. As we continue to navigate the many challenges and evolving customer demands, our ambitious capital investment programme remains key to our long-term success.”

In 2024, St Austell Brewery invested £18.3-million across all areas of the business.

The company said its managed houses delivered strong sales growth, significantly outperforming the market with like-for-like growth of 13 per cent.

In the beer business, there was continued investment in the company’s brewing capability and its brands.

In parallel to announcing its annual results, the 174-year-old company has unveiled a rebrand.

Chief executive Kevin Georgel said: “I’m proud of the strong financial performance in 2024 which came off the back of a very strong 2023. The results are all the more meaningful given the challenging trading environment.

“Despite the sustained economic headwinds, and wider market challenges, the commitment and passion of our people, and the resilience of the company, have enabled us to deliver continued growth in both revenue and profits.

“As we look forward, whilst the outcome of the autumn Budget has created significant additional cost pressures – necessitating some difficult, but necessary decisions to review and reduce our operational structure – we remain resolutely focused on delivering our long-term strategy and sustainable growth.

“Our recent rebrand signals our intent to future-proof the company. The evolution of our brand isn’t just about a new identity, it’s about clarifying and refining our purpose, positively evolving our values, launching our new sustainability plan and aligning everything we do with the world we want to help shape.

“Guided by extensive research and insight from both inside and outside of the business, we are committed to ensuring that we are fit for the future. The rebrand is a natural and considered step forward which underpins our ambitions for the future and the generations to come.

“Next year we celebrate 175 years of St Austell Brewery. Drawing on our rich heritage, through the evolved brand story, we’re proud to unveil a clearer, more confident vision for the future. This is more than a new visual identity. It represents a thoughtful, holistic evolution of our brand – designed to reinforce our position in the market and support the next phase of our growth.”