Adnams plc Results for the 12 Months to 31 December 2011
Adnams, the brewer, distiller and retailer, has today published its Report & Accounts for the 12 months to 31 December 2011, showing sales of £54.6m and a £3.3m operating profit (before exceptional items).
The Company, which collected several awards for its beer and spirits throughout the year, reported a 7% growth in beer volumes and a 13% increase in like-for-like turnover in its Cellar & Kitchen business. In his report, Chairman Jonathan Adnams noted that economic uncertainty is greater now than at any recent time, but said that the business would not be distracted from its long-term goals and would continue to invest for the future.
The Adnams Report & Accounts highlights include:
· Sales of £54.6 (2010: £50.9m)
· Pre-exceptional operating profit £3.3m (2010: £3.2m)
· Final Dividend £1.25, (2010: £1.22)
· Adnams beer volumes up 7%
· Adnams beer prices again held for Adnams pubs and free-trade customers
· Adnams continues to build a long-term sustainable business for the future
Commenting on the performance in 2011, Jonathan Adnams, Chairman, said:
“The Adnams business enjoyed a good year in 2011, in continuing difficult economic circumstances. We brewed 7% more Adnams beer in 2011 than in 2010, and on the retail side our profit per pub was up by 15% and our like-for-like shop turnover was 13% higher. I am pleased to say that we increased our pre-exceptional operating profit by 2.8% from £3,188,000 to £3,277,000 and on the back of this we are proposing an increase in our dividend for 2011.
“For many years Adnams has championed the importance of taking a long-term view. We firmly believe that it is by taking a values-based approach to business, building trust and loyalty with our customers, employees and shareholders that we carve a path to sustainable business success. By investing for the long-term, we have been able to make reductions in our carbon emissions and it is this approach that has contributed to our being able to hold Adnams beer prices for the 4th consecutive year.
“We continue to innovate with new products and have been delighted with the success of Ghost Ship, and with Sole Star, our full-flavoured 2.7% abv beer which we launched just before Christmas. During 2011 we brewed over 30 different Adnams beers bringing back many well-known favourites such as Old Ale, which was crowned Champion Beer of East Anglia. It is enormously pleasing that recipes which we have been brewing for 100 years are still winning awards today.
“As ever, I am immensely proud of the work we have done throughout the year with our communities. The Adnams Charity, now in its 21st year has awarded over £800,000 to good causes within a 25-mile radius of Southwold during this time. We continue to support a wide variety of local and national events from Suffolk Dog Day to the Tour of Britain cycling event. Our own Adnams 10k run in Southwold now attracts over 700 people and has become a firm fixture in our calendar and we were delighted to welcome back Olympic legend Steve Cram once again in 2011.
“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.”
About Adnams
Adnams, the brewer, distiller and retailer, is an independent values-based business committed to a sustainable future. It has been brewing from its base at Southwold on the Suffolk coast for over 100 years and produces a range of cask and bottled beers which are available in pubs and supermarkets nationwide. The company has an estate of pubs, hotels and a chain of successful Cellar & Kitchen stores. For further information about Adnams visit adnams.co.uk.
