Adnams PLC Trading Statement (9637M)
20 Septiembre 2023 - 1:00AM
UK Regulatory
TIDMADB
RNS Number : 9637M
Adnams PLC
20 September 2023
RNS Announcement
Trading Statement 20 September 2023
Adnams Plc today 20(th) September posted its half year report.
Sales in the first half of the year were level with 2022 at GBP30m
although on the back of the cost-of-living crisis the company has
seen input costs continue to climb and this has contributed to
operating losses widening to GBP2.4m. The company reports that the
first two quarters were very different in composition quarter 1 was
quite subdued and saw inflation at its peak. The lighter evenings
and warmer weather saw a marked improvement in quarter 2.
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 GBP0.5m as part of
its banking arrangements. The facility stands at GBP19.5m
comprising of a GBP10m term loan, GBP6.5m RCF and GBP3m overdraft.
Early in the year the company undertook a cost reduction exercise
that looked at all costs and this unfortunately saw some job losses
and changes to the way the company operates particularly in its
production operation. This initiative is delivering ahead of plan
as the company looks forward to its key trading period.
-Ends-
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END
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(END) Dow Jones Newswires
September 20, 2023 02:00 ET (06:00 GMT)
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