Adnams PLC AGM Statement (1858L)

TIDMADB

RNS Number : 1858L

Adnams PLC

12 May 2022

Adnams PLC - AGM Statement

AGM statement

At the AGM held on Thursday 12(th) May 2022 the directors of Adnams shared that the company had successfully navigated the pandemic and acted consistently in its long-term approach to business. The business was grateful to their customers, shareholders and employees for their loyalty and support throughout this period.

They communicated that in the first four months of 2022 the business had met expectations and seen demand in its property and retail business rebound ahead of 2019 levels. For many customers, there is still underlying caution around international travel, and as awareness of appealing UK destinations grow, Adnams pubs and retail businesses in both rural and coastal locations are uniquely positioned to meet this demand. The on-trade continues to be more challenging as sales in urban settings are more subdued.

As for all businesses in the sector, the outlook for the remaining six months of the year is uncertain, driven by the conflict in Ukraine and the inflationary pressure in the economy in respect of energy, raw materials, food, labour and borrowing costs.

The IT systems change implemented in 2018/2019 and the continued investment in people, processes and procedures has enabled the business to become more efficient. This, together with the new disciplines honed over the last two years means the business is well positioned to cope with what is likely to be a challenging time for the hospitality industry.

The purpose and values of Adnams that have underpinned the business for the last 150 years will enable it to keep innovating and growing.

Jonathan Adnams OBE

Chairman

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

NEXFLFFTEDILLIF

(END) Dow Jones Newswires

May 12, 2022 06:00 ET (10:00 GMT)