Adnams reports rise in sales for 2011
Suffolk brewer and pub company Adnams had a good year in 2011 despite continuing difficult economic circumstances.
The company saw sales rise to £54.6m in the 12 months to 31 December 2011, up from £50.9m the previous year, while operating profits before exceptional items rose to £3.3m from £3.2m a year ago.
Adnams, which collected a number of awards for its beer and spirits during the year, saw a 7% increase in beer volumes. The company also reported a 13% increase in like-for-like turnover in its Cellar & Kitchen business.
Chairman Jonathan Adnams said the company's pub estate benefited from good consistent trading. "Despite our having a slightly lower average number of pubs, beer barrelage grew in 2011, with our own beers being particularly strong," he said.
"Over the last few years we have sold a few pubs which we feel do not fit our strategy and added a small number that do. I am delighted to report that we made a first rate acquisition in September when we bought the White Horse at Blakeney, a coastal pub with rooms and an excellent reputation for food."
Adnams added that the group's hotels business had started the year well, but trading conditions toughened notably from May onwards. "We suspect that reduced hotel visits have been a way in which some have been able to tighten their belts. It may also be the case that the typical clientele of the Adnams hotels has been disproportionate losers from the UK's monetary policy," he said.
Adnams said that economic uncertainty is greater now than at any recent time, but added that the business would not be distracted from its long-term goals. "Despite sounding a note of caution about economic uncertainty, our response to the current conditions is to keep an eye on costs, but we will not be distracted from our long-term goals and will continue to invest for the future," he said.
Adnams buys the White Horse hotel in Norfolk >>
Adnams sees pre-tax profit fall 10% in ‘very tough' 2010 >>
By Kerstin Kühn
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