Suffolk brewery, distillery and pub operator, Adnams has reported spirits volumes were up by an impressive 60%, and beer volumes grew by 7% in the first six months of the year.
Turnover grew by 7% although the group's first half operating profit was behind that achieved in 2015, as anticipated. The firm noted in previous years that as profits arise more in the second half of the year, as the first half result can be quite volatile.
Chairman Jonathan Adnams (pictured) stated, '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.'
Adnams concluded, '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.'