The turnaround for brewer and craft beer distribution business Gage Roads Brewing Co Limited (ASX: GRB) is still on after the group posted $2.9 million in operating cash inflows on revenues of $16.4 million for the quarter ending June 30 2018.
This represents a strong quarter of growth with its full year operating cash profit being $5 million on revenues of $53.1 million.
The group also raised $10 million from institutional investors over the quarter to finish the finanical year with no debt and $16.9 million cash on hand. The brewer also intends to finalise the $13.25 million acquisition of WA-based brewer Matso at the start of finanical year 2019.
In total Gage sold 20% more beer than last financial year, with its Single Fin Summer Ale and Alby range of beers proving popular with consumers.
The WA-based brewer has a chequered track record as a listed business, with beer brewing rival Broo Ltd (ASX: BEE) also handing investors some disappointing results recently.
