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Adnams Interim Report & Accounts, August 2016

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Adnams Interim Report & Accounts 2016Chairman’s Statement: Results

We saw many positive developments, notably 7% growth in our own beer volumes and our spirits volumes were up by 60% in the first six months of the year. Turnover grew by 7% although our first half operating profit was behind that achieved in 2015. This was as anticipated and included in our AGM statement. We have noted in previous years that as our profits arise more in the second half of the year, the first half result can be quite volatile. The main reasons for the lower first-half result were the expansion of our shop and managed house retail operations, where earnings tend to be stronger in the second half of the year, the increased investment that we have made in marketing and the decline in the Sterling exchange rate. Income from asset sales was much higher this year at £1.4m, comfortably ahead of last year’s £407,000. Last year’s income arose from selling three pubs whilst in this half year there was one pub sold, but most of the income came from the sale of our UK distribution rights for Lagunitas beer. These rights were sold to Heineken following Heineken’s acquisition of a major stake in the Lagunitas business. Read more by downloading the Interim Report & Accounts here (PDF, 606KB)