Adnams plc

Regulatory Filings • May 19, 2021

National Storage Mechanism | Additional information

RNS Number : 0233Z

Adnams PLC

19 May 2021

Trading Update

The current trading environment remains volatile and uncertain with much of hospitalility being closed or under severe restriction for the first half of the year. The sector faces many headwinds before it can say it is clear of the pandemic and its aftershocks although many commentators are beginning to discuss an expected quick rebound in the economy.  It will however, come as no surprise that trading revenues in the first half of the year have continued to be severely restricted and the company has mitigated this by a continued focus on cost control, cashflows and the use of Government support in the form of the Job Retention Scheme.

Demand for Adnams products whether Online or Take-Home has remained encouraging across beer, wines and spirits and we have also seen good levels of future bookings for customers to eat and stay with us once restrictions are lifted further from the 17th May and then further relaxed on the 21st June.  We have continued to support our pub estate through cancelled and reduced rents throughout this challenging period and keep a weather eye firmly on the long-term future for our pubs and our tenants. We anticipate pubs returning to full rents later in the year provided we avoid further regional or national lockdowns. The successful roll-out of the vaccine has come as very welcome news as have reports of their efficacy in those vaccinated. We are cautiously optimistic that the second half of the year will see some steps back towards normality in the economy leading to customers once again visiting pubs. We anticipate that our accommodation led businesses will benefit from reduced foreign travel this year.

Our work on transforming the business from a digital perspective has continued in the first six months of the year as has our continued training and development of our colleagues. The result of this work is that as we exit the worst of the pandemic, we are better equipped to serve our customers in new and innovative ways long into the future.

Jonathan Adnams OBE

Chairman

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