Adnams (LSE:ADB), the Suffolk-based premium beer, spirits and hospitality group, reported revenue of £27.4 million for the six months to 30 June, down from £30.1 million a year earlier.
The company attributed most of the decline to the disposal of some tenanted pubs completed during 2025, with performance elsewhere described as resilient despite pressure on consumer spending.
Managed pubs and hotels underperformed early in the half, prompting operational and labour management changes; the company said its managed estate delivered like-for-like revenue growth of 3.3% and profit growth of 10% in July, aided by warm weather and the football World Cup.
National wholesale trading remained below expectations, and the company has appointed a specialist to lead recovery efforts in that channel.
The company swung to an operating loss before exceptional costs of £0.8 million, compared with an operating profit of £0.5 million in the first half of 2025.
Reported operating loss widened to £1.0 million from £0.7 million, though exceptional costs fell sharply to £0.2 million from £1.2 million, and the company booked £1.2 million in gains on asset disposals.
Loss after tax improved to £1.1 million from £1.4 million a year earlier, while interest costs halved to £0.4 million as the company's debt reduction programme progressed.
The relocated Bury St Edmunds retail store lifted bottom-line profitability fivefold versus its previous site, while the Ghost Ship brand family outperformed the total ale category by 2.1%.
News Intelligence what this means for the company
Adnams swung to a £0.8m operating loss in H1 2026 as disposals of tenanted pubs cut revenue 9% to £27.4m, though the company reports resilience in managed estates and retail. Interest costs halved to £0.4m as its debt reduction programme progresses, and underlying performance in managed pubs improved sharply in July with 3.3% like-for-like revenue growth and 10% profit growth, but wholesale trading remains weak and prompted a leadership change.
The loss reflects a deliberate portfolio shift (tenanted pub disposals) rather than operational collapse, and debt reduction is advancing. However, the swing from £0.5m profit to £0.8m loss, combined with persistent wholesale weakness, signals the company is still navigating structural headwinds in consumer spending and channel mix.
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