Adnams plc - First Quarter 2024 Trading Update

Adnams plc (the "Company"), the Suffolk-based premium beer, spirits and hospitality group, is pleased to report positive first quarter trading for the three months ending 31^st March 2024.

The Company said whilst multiple factors continue to challenge the brewing, distilling and hospitality sectors, total sales had increased (11%) year-on-year in the period, supported by growing volumes in beer and spirits, with a notably strong contribution from its on-trade and off-trade business. 

It added that falling inflation was improving demand in both the on-trade and off-trade, as well as softening some of the Company's cost increases.

The Company also confirms that it is continuing to explore a range of options to fund its future growth plans with the support of its advisors and has received an encouraging response to the process. The Board's preferred option remains the raising of additional capital from another party and/or the sale of freehold assets to return capital to the Company, however no decision has yet been taken.

The Company will continue to keep shareholders appraised of developments at the appropriate time.

The Company said it intends to file full-year accounts for the period ending 31^st December 2023 in late May ahead of its planned AGM on 27^th June.

For further information contact info@adnams.co.uk

ENDS