The Board of Mighty Craft has announced the appointment of Katie McNamara as the embattled company’s new Managing Director.
Her appointment follows the company’s strategic review process, which was announced on 11 May 2023.
McNamara has been a Non-Executive Director of Mighty Craft since 17 April 2023, and has been integral in the Board-led strategic review, development and execution. She brings experience across a broad range of functional areas, with a focus on consumer, FMCG and retail.
McNamara 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.
Mighty Craft said that 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, US and Australia.
Mighty Crafts 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”
Malcolm leaves Board
The 2023 annual general meeting of Mighty Craft saw a number of resolutions decided by way of poll.
The company noted that a resolution regarding the election of Malcolm was not carried at the AGM.
The resolution stated that Malcolm, “having retired from office as a Director in accordance with Article 10.2(e) of the Constitution and ASX Listing Rule 14.4, and being eligible, having offered himself for election, be elected as a Director of the Company”.
The remaining Board members, Managing Director Katie McNamara and Non-executive Director Sean Ebert, currently evaluating options to appoint an appropriate additional Director to fill the casual vacancy in accordance with the Company’s obligations under the
Corporations Act and its Constitution with respect to the minimum number of directors.
Mighty Craft said it would keep the market updated in accordance with its continuous disclosure obligations.
Latest losses for Mighty Craft
Mighty Craft delivered Q1 FY24 unaudited revenue of $19.2 million, up 8.5 per cent compared with the previous corresponding period.
However cash outflows stood at $3.5million, impacted by “seasonality” and one-off restructuring costs and staff redundancies.
Better Beer continued to perform “exceptionally well”, selling over 2.2 million litres for Q1 FY24, representing +53% growth versus pcp.
However, spirits sales were down 10%, “impacted by premium positioning in market and lower tourism visitations at Kangaroo Island”.
Former CUB CEO leads Jetty Road acquisition
Former CUB CEO Peter Filipovic, is leading a group of publicans that is buying Jetty Road from Mighty Craft for $3 million.
“I did some research on the brand, spoke to a few people, one idea led to another, and we ended up getting a group of people to buy it,” Filipovic told The Crafty Pint.
“I think beer’s always been a good market to be in if you produce a good beer and make it relevant to consumers,” he says. “Whatever that might look like.”
The new ownership group, Jetty Road Publicans, also includes comedian Mick Molloy and Richard Ludbrook, who runs the Riverland Group, which operates six Melbourne venues.
Mighty Craft is also divesting Hills Cider for $3 million, a little over two years after buying the company as part of a $47million acquisition.