Adnams plc (AQSE:ADB), the Southwold-based brewer, moved to reassure investors that it had stabilised its trading and financial positions as it reported results for the six months to June 30, 2022.
The group, which makes Ghost Ship, Broadside and Southwold Bitter, said trading during the period was marked by stabilisation and consolidation following the prior two years of disrupted trading with revenues rising £9mln to £30mln resulting in a reduced operating loss of £0.7mln (down from £3.1mln), in line with expectations.
The brewer was hard hit by the pandemic and subsequent concerns over new COVID variants which it said had cost it around 50% of its Christmas trade last year.
Andy Wood, chief executive of Adnams described it at the time as the "economic equivalent of long Covid."
But today the company said cashflow remains strong with all debts to HMRC repaid and the group is also no longer in receipt of any Government support schemes with a £20mln refinancing with Barclays completed in January.
This comprises a £10mln term loan, a £7mln revolving credit facility and a £3mln overdraft with the facility to draw down a further £3mln.