Mighty Craft Limited

Mighty Craft releases its financial results for the half-year ended 31 December 2023 (H1 FY24) and an update on progress relating to the previously announced restructuring program. Our Chair Grant Peck said: “Our focus for H1 FY24 was clear – continue to pursue asset divestments in order to deleverage the business and reduce the operating cost base of the company. We have made progress on both fronts, and we intend to continue to focus on these areas as we head into H2 FY24. The company has received a number of non-binding offers for its Adelaide based assets. The company’s future direction will be determined once we are clear on the outcome of these asset sales.” Read the release here: https://loom.ly/WWx327I

Mighty Craft provides a business update for the quarter ended 31 December 2023 (Q2 FY24). Our Managing Director Katie McNamara said: “Q2 trading performance was a mixed result – we continue to see Better Beer perform exceptionally well, while cost of living pressures continue to impact the premium end of the spirits category. Better Beer sales of 12.2 million litres in its second calendar year post-launch is remarkable. The company continues to focus on reducing operating costs and divestments and has made solid progress on both fronts.” Read the full Q2 FY24 business update here: https://loom.ly/SfwHNnQ

The Board of Mighty Craft are pleased to announce the appointment of Katie McNamara as Managing Director, effective immediately following its strategic review process announced to the ASX on the 11th of May 2023. Katie has been a Non-Executive Director of Mighty Craft since 17th April 2023, and has been integral in the Board-led Strategic review, development and execution. As a senior executive and management consultant, Katie brings experience across a broad range of functional areas, with a focus on consumer, FMCG and retail. She has over 25 years’ operational experience in senior executive and consultancy roles across Australia, Europe, United States and Asia, and has deep experience in beverage alcohol, having been on the senior executive at Foster’s Group as Director of Strategy and M&A prior to, leading up and post the Demerger of Treasury Wine Estates. In addition to leading operational improvements across each stage of the value chain in her time at Foster’s, she also led the China strategy development for TWE, as well as leading a number of consulting engagements for global spirits and beer companies in China, India, USA and Australia. Our Chairman Chris Malcom said: “Having now worked with Katie McNamara for some time I am confident in Katie’s commercial acumen, experienced skills and leadership ability will benefit the company, staff, shareholders and partners. I am looking forward to working closely with Katie on the next phase of the Mighty Craft’s business growth."