Interim Trading Statement
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Adnams plc - Interim Trading Statement
Adnams plc ("the Company"), the Suffolk-based premium beer, spirits and hospitality group, has published its results for the half-year to 30th June 2025.
Trading in both on- and off-trade channels has been challenging, but with evidence of our performance exceeding the market. In the off-trade, sales to supermarkets performed 2% better than the market in the first 6 months of the year. In our on-trade business, June was particularly strong with growth of 3.3% , compared to an 8.5% decline in the market. Overall sales revenues for the business of £30.1m were 5.7% down on the previous year, including the impact of reduced sub-contract production.
An 11% reduction in overheads contributed to a 5.4% reduction in operating costs.
The Company produced an operating loss (before gains on disposals of assets) of £1.5m, similar to the prior year. The Board will not be recommending an interim dividend.
With the strategic asset disposal programme very close to completion, Company borrowings have reduced by £6.5m to £11.7m, and will have reduced further to approximately £8m by the end of September.
Our managed and tenanted properties have produced encouraging results in the year-to-date, benefitting from the extended period of warm weather.
Ghost Ship remains a firm favourite across our consumer group and so we are adding to this family of beers with Ghost Ship Session IPA. Ghost Ship Alcohol Free maintains its popularity, holding its position as the fastest selling low/no ale in the UK.
Looking ahead, the Company has a simplified strategy, substantially reduced borrowings and a clear roadmap to enable the business to grow again into areas of opportunity.
As previously announced, Andy Driscoll joined the business as Chief Financial Officer with effect from 1st September.
ENDS
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