Adnams PLC - AGM Statement
AGM statement
At the AGM held on Thursday 12th 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
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