Adnams sipping pretty
Article Date: Apr 06 2002Suffolk brewery and hotel group Adnams last year increased pre-tax profits by 41 per cent to £3.1 million on turnover ahead just 3 per cent at £33.8 million, writes Robert Tyerman.
Ofex-traded Adnams raised its operating profit by 15 per cent in 2001 to £2.9 million. Its earnings per share, excluding property profits, rose 22 per cent to 454.2p. The company reduced its borrowing by £800,000, yet still increased capital investment to a record £1.7 million.
Chairman Simon Loftus pointed out that Adnams was rated the fastest-growing beer brand in the UK by analyst AC Nielsen. He stressed the importance of a 'robust brand' in an intensely competitive and fast-changing market where 'thousands of pubs are likely to change hands during the coming months'.
Adnams has bought two pubs, one in London, the other in Laxfield, mid-Suffolk. It has also been focusing on the take-home business. The company commissioned a bespoke Adnams bottle and designed a 'radical new look' for both bottles and cans – to be launched this summer.
The restructuring of its wine business is complete and the firm has recruited a new director, Peter Page, to run its wine and hotel interests.
Adnams came to Ofex seven years ago at £35 a share. The shares are now quoted at a 12-month high of £43.
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