Beverage company Good Drinks Australia has highlighted substantial growth and strategic accomplishments across various fronts during the FY23 year – including doubling its retail market share and conquering 2.5 per cent of the Australian beer market.
The company reported a 56 per cent increase in revenue to $106.2 million, a gross profit of $60 million (up by 27 per cent) and group earnings before interest, taxes, depreciation and amortisation (EBITDA) of $7 million for the year. That surplus was achieved despite weathering higher costs of goods sold due to supply chain disruptions, softer consumer spending, and lower selling prices.
The hospitality segment has emerged as a significant driver of success, generating a record EBITDA of $6.1 million, including a $1.6 million gain from selling Queensland gaming licenses.
Looking ahead, the company said it is committed to enhancing its sales capability and marketing in line with revenue and market share expectations. This investment will drive the growth of core brands in key geographic markets.
While cost of living pressures and softer discretionary spending are expected to continue, Good Drinks says it remains confident in maintaining its strategy to grow the market share of its own brands to 20 million litres.
