Adnams PLC AGM Statement (4302W)
April 28 2016 - 6:00AM
UK Regulatory
TIDMADB
RNS Number : 4302W
Adnams PLC
28 April 2016
28 April 2016
Adnams PLC AGM Statement
The following comments were made at today's AGM:
Underlying trends remain good with strong growth in key products
such as Adnams Ghost Ship and Adnams Copper House Gin. Our
operating profit was slightly ahead of expectations at the end of
the first quarter.
We see further opportunity to grow our businesses and are
investing strongly to realise this potential. We have trebled our
distillery capacity to deal with the very strong growth that we
have seen in spirits sales. 2014 and 2015 were record years for
Adnams beer sales, and sales remain particularly strong for high
quality bottled, canned and kegged products. To cater for this
growing opportunity we are midway through a GBP7 million project in
our brewery which will create the capacity and the flexibility to
produce the drinks that consumers are demanding.
In our hotels business, plans for a substantial further
investment in the Swan in Southwold are progressing well and within
our Retail business we are looking for new sites in East Anglia and
plan to open in Felixstowe in the near future.
We are also investing heavily in our brand, exemplified by our
support of the University Boat Races where we have agreed a six
year sponsorship deal which started with the races this March.
These additional investments will add to the costs that we face in
the first half of 2016 and we are not anticipating an advance in
our profits at that point. This is in line with our expectations
and we aim to reap the returns from our investments in future
periods.
The uncertainty created by the forthcoming EU referendum means
that we need to be cautious in our assessment of the economic
outlook, but Adnams has a firm commitment to the long term and we
will continue to invest on that basis.
This information is provided by RNS
The company news service from the London Stock Exchange
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April 28, 2016 06:00 ET (10:00 GMT)