Pub firm and brewer Adnams has revealed further losses after weaker-than-expected trading in the first half of 2026.
However, the firm told shareholders it is making “progress” in the face of challenging conditions after positive trading in July, buoyed by the World Cup and warm weather.
It came as the Suffolk-based company reported a pre-tax loss of £1.42 million for the six months to June, reducing marginally from £1.46 million a year earlier.
Adnams said the loss came on the back of reduced revenues, which dropped to £27.4 million for the half-year from £30.1 million a year earlier.
The drop was largely driven by the disposal of some of its tenanted pub venues last year.
The group said its performance was “resilient” excluding this “despite continued pressure on consumer spending and subdued trading conditions in the early part of the year”.
Trading across its managed pubs and hotels were “below expectations” in the first half of the year as a result.
However, the group said its performance improved as the summer continued.
The company said: “Complemented by an extended period of very favourable weather and the football World Cup, we have been encouraged by the early results, with our managed estate delivering like-for-like revenue growth of 3.3% and profit growth of 10% in July.
“Whilst it is still early, these improvements give us confidence that the actions being taken will support stronger performance through the second half of the year.”
Adnams said free trade revenues in its drinks business were broadly flat despite a “difficult market”, while supermarket sales were also in line with last year.
The company added: “Adnams today is a more focused business than it was two years ago.
“Whilst there remains much work to do, the board believes the actions being taken are the right ones to create a more resilient, profitable and sustainable business over the long term.”
