THE Black Sheep Brewery has moved back into the black after reporting a significant increase in operating profit.

The company has also announced that its founder, Paul Theakston, is retiring from the board this week.

In its annual results for the year to March 31, 2018, the Masham -based brewery announced a 3.3 per cent increase in turnover to £18.6m from £18m in 2017.

It saw a strong increase in operating profit of £697,000, from a £437,000 operating loss in 2017, and made a continued commitment to brewing innovation with the creation of seven new beer brands.

In March 2018, 24 per cent of the beer Black Sheep brewed came in brands that didn’t exist two years ago.

And the company won national recognition for its commitment to brewing in the UK as it was named The British Beer and Pub Association Beer Champion 2017.

Plans are also afoot to develop Black Sheep’s own £2m packaging facility for its bottled products.

Rob Theakston, managing director, said: “This has been another year of progress for Black Sheep as we demonstrated our ability to adapt to the challenging market and trading conditions to deliver positive results and an award-winning year.

“The day-to-day running of the brewery and the collaborative efforts of our team has contributed massively to this year’s success, executing the Board’s strategy to reshape and make Black Sheep even more competitive.

“We have continued to diversify the Black Sheep brand with the development of several new products to the on and off-trade that complements our existing, core range. The launch of 54° North, our first-ever lager, was one of many well-received new additions to the Black Sheep range.”

Meanwhile, Paul Theakston, Black Sheep’s founder, will step down from the Board after the company’s AGM today (Thursday, September 27).

Mr Theakston is established the company in 1992 and chairman Andy Slee paid tribute.

He said: “The entire Board and I would like to wish our pioneering Founder Paul Theakston all the very best in his well-earned retirement. “Paul has overseen the development of this iconic brewery over the last 26 years and been instrumental in making Black Sheep a household name that is exported throughout the world.

“His sons, Rob and Jo, the wider management team and the Board will continue to uphold the values and legacy he has left behind, producing great Yorkshire beers day-in-day-out.”