Renaissance Brewing beats profit forecasts

Renaissance Brewing, the first company to carry out an equity crowdfunding campaign in New Zealand, has beaten the full-year financial forecasts it provided to investors ahead of last year’s capital raising.

The Blenheim-based craft brewery, which raised $700,000 selling 12.3% of the company through the Snowball Effect platform, has reported an operating profit of $225,000 at a gross margin of 42.3%.

Revenue for the 12 months to March 31 rose 20% to $1.8 million, while sales in the second-half were 40% higher than in the same period a year earlier.

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