DJ Adnams PLC AGM Statement
RNS Number : 6756W
25 April 2019
Adnams PLC AGM Announcement
The following comments were made at today's AGM:
In the first quarter of 2019 our beer volumes were ahead the equivalent quarter of 2018, though the margin pressure that we have reported in recent periods has continued. Our low alcohol Ghost Ship 0.5% has made an excellent start in a fast-growing market. It is an ale made in a uniquely premium way and has very good prospects. Spirits volumes were down on 2018 as, despite strong market growth, our gins have faced increasing competition from a rapidly rising number of producers and a fast-expanding range of flavoured drinks.
Our shops and pubs have traded well in the first quarter and are ahead of last year despite a smaller estate. We were pleased to launch the Cross Keys at Aldeburgh as a managed inn at the beginning of March and it has made a fine start to its trading.
A major focus of our business over the last year, and especially in the first quarter of 2019, has been the implementation of a new system designed to help us to counter the cost and margin pressures that we are facing in our drinks business. Our previous system was over twenty-five years old and the new one will help us to make much wanted improvements in efficiency and productivity. The new system went live at the end of March and we have faced some inevitable, and anticipated, disruption as the changes that we are making bed-down. The impact of this has been felt throughout our drinks business. We are making good progress towards full effectiveness of the system. The project has been an absorbing one and this, together with continuing economic and political uncertainty, will have some impact on our first half results.
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(END) Dow Jones Newswires
April 25, 2019 06:00 ET (10:00 GMT)