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.
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Motley Fool contributor Tom Richardson has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.