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Andrew Peller Limited Reports Margin and Profit Growth for Fiscal 2024

GRIMSBY, Ontario, June 18, 2024 (GLOBE NEWSWIRE) -- Andrew Peller Limited (TSX:ADW) ("APL" or the "Company") announced today results for the three and twelve months ended March 31, 2024. All amounts are expressed in Canadian dollars unless otherwise stated. FOURTH QUARTER 2024 HIGHLIGHTS Revenue was $85.0 million, up 9.4% compared with $77.7 million in the prior year; Gross margin increased to $35.6 million (41.8%) from $22.1 million (28.4%) in Q4 2023; EBITA increased to $9.3 million, from ($1.2 million) in Q4 2023; and Net loss of $6.9 million ($0.17 per Class A Share), compared with $10.0 million ($0.24 per Class A Share) in Q4 2023. FISCAL 2024 HIGHLIGHTS: Revenue of $385.9 million compared to $382.1 million in the prior year. Gross margin was 39.0%, up from 37.1% in the prior year; EBITA of $50.3 million, up 32.4% from $38.0 million in the prior year; Net loss of $2.9 million ($0.07 per Class A Share), versus $3.4 million ($0.08 per Class A Share) last year; and Dividends of $0.0615 per Class A Share and $0.0535 per Class B Share to be paid on July 12, 2024. "Our 2024 financial results were highlighted by meaningful margin expansion as well as significant growth in EBITA, which reached more than $50 million for the full year," commented John Peller, President and Chief Executive Officer. "The diversification and breadth of our operations and brands also allowed us to generate solid top-line performance, with healthy growth in our largest channel offsetting a near-term reduction in traffic at our estates and the impact of the previously announced excise exemption repeal. As we look ahead, we believe the business is well positioned to deliver above-category sales performance, combined with further margin expansion and EBITA growth." Financial Highlights(Financial Statements and the Company's Management Discussion and Analysis for the period can be obtained on the Company's web site at For the three months and year ended March 31, Three Months         Year   (in $000 except per share amounts)   2024   2023         2024 2023   Revenue $ 85,008   $77,712   $ 385,856   $382,140   Gross margin (1)   35,565     22,059     150,602     141,892   Gross margin (% of sales)   41.8%     28.4%     39.0%     37.1%   Selling and administrative expenses(2)   35,794     23,306     109,773     103,880   EBITA (1)   9,251     (1,247)