Adnams PLC - Trading Statement
Announcement provided byAdnams plc · ADB
Trading Statement 20 September 2023
Adnams Plc today 20th September posted its half year report. Sales in the first half of the year were level with 2022 at
Its hotels and pubs have traded well in terms of room occupancy although lower footfall in key coastal locations has meant walk-in food and beverage sales have been impacted. Further, the unwinding of the staycation phenomenon that occurred during the pandemic and immediately following has also been a factor in levels of footfall in key locations. Sales of beer to pubs outside of its own estate have also been more challenging and the company notes many rural pubs remain closed in the early part of the week. Additionally, recent media reports are indicating two pubs per day (400 year to date) having closed for good in the first half of the year. Consequently, sales volumes to supermarkets have become a greater proportion of the company's output and its lead product Ghost Ship 4.5% and low alcohol sibling Ghost Ship 0.5% have benefitted from increased distribution.
Cashflow remains consistent and in line with expectations. In March the company reduced its debt position by