James Arrow, who took over as chief executive after Watt announced his departure in May, said: As I have set out before, a key aim is to return BrewDog towards profitability and we have taken significant steps towards that goal. He said the company had returned to profit on an underlying basis during the first half of 2024, helped by a 10% increase in sales in the grocery market.
James Watt's critique came as the beer and bars company finally published accounts, having delayed their publication for nearly four months. While revenues grew, from 321m to 355m, costs increased more rapidly and the company also had to write-down the value of underperforming bars.
Watt's critique came amid reports the chancellor, Rachel Reeves, intended to raise capital gains tax (CGT) and reclassify debt to allow more spending on public services, as he lashed out at Labour over the government's plans for the budget.
The result was that pre-tax losses jumped from 30m to 59.2m in the year to the end of 2023, potentially complicating BrewDog's long-held ambition of floating on the stock market.
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