BrewDog co-founder James Watt said the firm has finally published its annual report for 2023, showing group revenue rose 14% to £366 million — but also that the Aberdeenshire company recorded an operating loss.

“We came very close to returning to profitability, recording a £2.5m operating loss,” said Watt in a LinkedIn post.

“Frustrating, yes but we’re right on the edge of a return to our strong track record of positive EBITDA trading …”

In a separate post, Watt also warned UK prime minister Keir Starmer and finance minister Rachel Reeves that any increase in capital gains tax “will destroy entrepreneurial spirit in the UK and in turn severely damage our economy.”

Watt wrote: “Most of the brilliant business minds that I know, the people who drive our economic growth and create our jobs, will simply leave the UK to build businesses and create jobs elsewhere.

“If we lose our brightest and best entrepreneurs, which we undoubtedly will if we significantly increase capital gains tax, we deal a hammer blow to the UK economy and the overall prosperity of every single UK family.

“Increasing capital gains tax will do far more damage to our economy than any gains we may experience from increasing this tax.”