Adnams plc - AGM Statement

Adnams plc

30 June 2023

AGM statement

At the AGM held on Friday 30th June 2023 the directors of Adnams shared that the company had delivered an operating loss of £1.2m, against strong economic head winds. The business was grateful to their customers, shareholders and employees for their unwavering loyalty and support throughout the year.

They communicated that in the first 5 months of 2023 the business had continued to experience challenging trading, with revenue levels evidencing the impact of the low consumer confidence levels experienced across the entire country.  In June, the desire for customers to visit both rural and coastal locations, has grown, with Adnams pubs and retail businesses benefitting.  June also showed signs of more positive trading in the on-trade business, growing volumes and customer numbers.

As for all businesses in the sector, the outlook for the remaining six months of the year is far from certain, as the economy hopes to recover from the impacts of the cost of living crisis, inflation and continued high interest rates.

Sales remains the key focus into the second half of the year, using systems, together with data, to drive revenue growth and more efficiencies across all operations.

The long term nature, supported by its purpose and values, will keep this brand led business innovating, appealing to customers through its products and experiences for many years to come.

Jonathan Adnams OBE

Chairman