Good Drinks revenue up $26.3m

Good Drinks revenue has grown 80 per cent on this time last year but the Single Fin brewer is anticipating reduced spending on liquor over the next 18 months.

The ASX-listed company reported $59.2 million in unaudited total revenue for the first half of FY23, up 80 per cent from FY22 half-year revenue of $32.9 million.

This puts the company en route to reach its EBITDA target of between $25 million and $30 million by FY25.

Good Drinks reported a 94.6 per cent decrease in contract brewing contribution from last February, a planned move to accomodate an increased volume of the company's own brands.

Contract brewing contribution has dropped from 3.7 million litres to 200,000 litres, but company said the loss and its increased sales and marketing expenditure, which has grown by $2 million from last year, would be offset by partner brands and hospitality earnings.

In the first half of FY23, Good Drinks reported its retail beer market share had doubled to 2.6 per cent.

Single Fin, produced by Good Drinks’ craft brewing brand Gage Roads, is the largest independent craft beer in Australia, selling 20 cans/bottles and five pints per minute nationally.

Despite posting strong revenue growth during the period, Good Drinks indicated a less-optimistic outlook.

"Reduced discretionary spend across the liquor category will require careful navigation over next 18 months," company presentation slides read.

On the market, shares in Good Drinks Australia last traded at 67 cents.