Adnams (LSE:ADB), the Suffolk-based premium drinks producer and hospitality group, swung to an operating profit of £0.5m for the year to 31 December 2025 from an operating loss of £1.2m a year earlier.
Revenue fell £4.3m to £63.7m (2024: £68.1m), pre-tax losses narrowed to (£0.7m) (2024: (£2.8m)) and adjusted EBITDA was £0.5m (2024: £1.2m), the company said in its Report & Accounts.
Brewery volumes declined 6% year-on-year but outperformed a market drop of 8%, off-trade ale volumes grew 1% versus a -5% industry fall, and managed property revenues increased 4.3% on a like-for-like basis while retail remained under pressure.
Net bank debt fell to £9.2m (2024: £15.3m) after an asset disposal programme that reduced borrowings by over £6m and cut the cost of servicing debt by more than 30%, and the directors did not recommend a final dividend for 2025.
"I am confident that we can grow our free cash generation and restore shareholder value over time," the company said in the accompanying statement.
The company said it is executing a commercial turnaround plan, has disposed of non-core assets, saw early success from ABV reductions on four core beers with on-trade outperformance in early 2026, and reported that the termination of a profitable distilling sub-contract materially reduced earnings.
