South-West brewer St Austell has posted record revenues and a jump in profits for the last financial year. Despite challenging trading conditions, the Proper Job and Tribute brewer said demand for beer had remained “strong”.

The pub company said underlying operating profit grew by 15 per cent to £13.2m for the 52-week period to December 31, 2023, while turnover hit £229.5m.

St Austell said costs had increased “significantly” over the year – particularly for food and labour – while the cost-of-living crisis had continued to reduce levels of disposable income and change consumer behaviours.

Non-executive chair Will Michelmore, said the firm was “pleased” the increase in sales had been converted into improved profits for the business.

He said: “We are very proud of these results given the challenges that the company and wider sector continues to face.

“We continue to be optimistic about our long-term prospects and remain confident that we have the leadership and focused strategy that will ensure the company’s continued growth and future success.”

St Austell chief executive Kevin Georgel (above) said the company had made “significant progress” with its ambitions for the business in 2023.

He said: “We have continued to invest in our people and our high-quality pub estate, while future proofing our beer brands and drinks portfolio.

“As a result of this continued investment, and the contribution of our dedicated and talented teams, I am confident that we are delivering great experiences for our customers all year round, and this is generating strong profit growth.”