Adnams sales fall 40pc as it warns on outlook for pubs
SALES at brewer and pub chain Adnams slumped 40pc in the first half of 2020 as it warned the industry faces more pain ahead.
The Southwold-based firm clocked up sales of £20.9m in the period, down from £34.7m a year earlier, after pubs were forced to shut completely for months during lockdown.
Losses widened to £3.2m, from £939,000 during the same period in 2019.
Jonathan Adnams, the chairman, praised Treasury support including the taxpayer-funded furlough scheme, which covered the wages of the vast majority of staff during the height of the crisis, but said: “There remain substantial hurdles ahead before UK pubs can return to anything like their previous trading on a sustainable basis.”
Adnams is best known for its ales such as Broadside and Ghost Ship, but also makes spirits including gin and vodka and operates a number of pubs, which are mainly based in Southwold, Suffolk.
The firm did not propose an interim dividend given the continued uncertainty surrounding coronavirus but said it would keep its dividend policy under continuous review.