Mighty Craft

Mighty Craft provides a business update for the quarter ended 31 December 2023 (Q2 FY24).

Our Managing Director Katie McNamara said: “Q2 trading performance was a mixed result – we continue to see Better Beer perform exceptionally well, while cost of living pressures continue to impact the premium end of the spirits category. Better Beer sales of 12.2 million litres in its second calendar year post-launch is remarkable. The company continues to focus on reducing operating costs and divestments and has made solid progress on both fronts.”

Read the full Q2 FY24 business update here: https://loom.ly/SfwHNnQ

Mighty Craft is pleased to provide a business update for Q1 FY24.

Highlights:

🍻 Unaudited group revenue of $19.2m, +8.5% versus p*p
🍻 Cash receipts of $21.7m, +10.9% versus p*p
🍻 Net operating cashflows during the quarter of $(3.5) million, impacted by seasonality, one-off restructuring costs and staff redundancies
🍻 Wholesale performance across categories:
O Beer & cider: 2.6 million litres sold (+34% versus p*p)
O Spirits: 53k bottles sold (-10% versus p*p) impacted by premium positioning in market and lower tourism visitations at Kangaroo Island
🍻 Better Beer sales of 2.2 million litres across ANZ (+53% versus p*p)
O Launch of 12 pack New Zealand format in August
O On track to hit New Zealand distribution target of 1,200 unique distribution points by November 2023

Read the full announcement here: https://loom.ly/9zGQxlI