Adnams suffers £4m pre-tax loss despite sales rise

The loss increased from the £2.3m figure reported a year prior, with Adnams stating that “multiple factors had continued to challenge brewing and hospitality”​ during 2023. The firm’s operating losses also widened to £2.5m due to higher costs.

Nonetheless, Adnams increased sales by 3% year-on-year to £66.3m and experienced stronger demand in on- and off-trade channels during the second half of year.

Meanwhile, the brewer said that beer volumes have risen by 11% during the first quarter of 2024.

Following an announcement in February 2024, Adnams also confirmed 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.

Commenting on the company’s performance, Adnams chief executive Andy Wood said: "As we continue to pursue our strategy, it's important that we leverage our distinctive strengths – as a heritage-rich, innovative company – to their fullest. The Adnams brand continues to hold significant equity and is championed and cherished by its customers.”​

Wood is due to step down from the role in June 2024, when he will be replaced by Jenny Hanlon.​ ​Set to take up the role on 1 July, Hanlon will become the first woman to serve as Adnams chief executive in its 150-year history.

"The coming months will see the company undergo further change as it is positioned for further growth,” ​Wood added.

“This change is likely to result in a simplified operating model that encompasses the things the business does well, whilst reducing its borrowings, susceptibility to economic shocks and building greater resilience."​

In other news, £36k fine issued after farm worker crushed under hay bales.​​