Scottish independent craft brewer Innis & Gunn said its turnover rose 22% to more than £14.3 million in 2016.
The Edinburgh-based brewer said it also increased its gross profit by 25% from £6.8 million in 2015 to £8.5 million last year.
Sales volume passed 2.2 million cases for the first time.
“This was the thirteenth consecutive year of volume growth which means that over the last five years volume has increased by 175%, including sales of the Inveralmond Brewery brands which were successfully integrated into the Innis & Gunn business last year,” said the brewer.
“The figures are representative of a transformative year for Innis & Gunn, one that saw the brewer purchase the Inveralmond Brewery — now The Innis & Gunn Brewery — in Perth, and acquire the Inveralmond portfolio of award winning beers, open two new Beer Kitchens in Scotland, sign distribution deals in France, China, Hong Kong and Taiwan and raise £2.5 million in equity crowdfunding.”
Innis & Gunn said it is well on track to reach its publicly stated goal of £25 million in turnover by 2018.
The brewer also plans to treble its beer production over the next 12 months at its Perth brewery.
Innis & Gunn’s performance in international markets contributed significantly to the brewer’s growth in 2016.
Canada continues to be the largest export market for the firm, delivering just over a fifth of total volume for the business.
Almost 600,000 bottles of Innis & Gunn beer were sold in the first year of the new joint-venture with SIP Drinks in France, and volume is expected to double in this market in the next 12 months.
In the UK, an exceptionally strong performance for Innis & Gunn Lager has seen sales almost quadruple over the last two years.
Last year, Innis & Gunn opened two Beer Kitchens in Dundee and St. Andrews.
Innis & Gunn’s first Beer Kitchen opened up in Edinburgh in 2015.
It has since added a fourth Beer Kitchen in Glasgow’s West End, its largest site to date.
In November 2016, Innis & Gunn launched AdventureCapital, an equity crowdfunding campaign that raised £2.4 million and brought in 1,914 new shareholders.
“Part of the capital raised has been used to increase the capacity of the brewery and equip it to make the next generation of innovative Innis & Gunn beers,” said the firm.
“However the larger part will be used to open new Beer Kitchens, and the company is in advanced negotiations over sites in the UK and Overseas.”
Innis & Gunn chairman Tony Hunt said: “2016 was an outstanding year for Innis & Gunn and the start of a planned transformation of our business.
“We acquired our first-ever brewery, opened new Beer Kitchens, launched some delicious new beers, achieved record sales volumes and won our 46th award for quality since 2009.
“To top it off, through our crowdfunding we brought nearly 2,000 new shareholders into the Innis & Gunn community.
“Most important of all, we laid the foundations from which we plan to double the size of this business over the next two years.
“Around the world, the opportunity is huge as increasing numbers of consumers develop a taste for authentic craft beer, and thanks to Dougal Gunn Sharp and our highly talented brewing team Innis & Gunn is ideally placed to benefit from that trend.”