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Thatchers Cider reports £30 million leap in annual turnover
English cider brand Thatchers, made in Somerset, has reported a significant rise in turnover and profit in its end of year results.
If Thatchers’ latest results are anything to go by then the market for cider is robust and on the rise.
The family-run business, which operates from its Myrtle Farm base in Somerset, reported a turnover of £155.5 million for the year ending 31 August 2022, up significantly from £126.2 million the year before.
Its pre-tax profits also climbed to £16.8m from £14.2m on the previous year.
In a statement made on London Stock Exchange managing director Martin Thatcher said that the company would continue to invest in its plant and machinery, following a £12m spend on its production facility during the last 12 months and a further £14m on building an automated warehouse system, and increased on-site storage.
“The dynamic of the cider market has continued to change and it’s therefore been more important than ever to continue investing in our people, our products and nurturing close customer relationships,” he said.
Referencing the continued effects of Covid-19 and staff shortages within the hospitality industry, Thatcher insisted: “This makes us more determined than ever to retain our focus on producing premium ciders in a sustainable way that represent value for money for our consumers.”
In March 2022, Thatchers signed an exclusive deal with Sovereign Beverage Company for the global distribution of its ciders, which include Thatchers Gold and Thatchers Haze, and are sold in more than 25 countries.
At the time, Thatchers’ sales director Chris Milton said that the company had taken the decision to work with Sovereign in order to “build our brand internationally”.
Earlier this year, the drinks business reported that craft ciders were seeing growth while sales of flavoured cider had plateaued, according to the 2023 Westons Cider Report.
The report indicated that the cider market was “in a strong position for 2023”, a claim underlined by Thatchers’ latest results, largely driven by the on-trade, accounting for 63% of sales in the category.
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