Suffolk brewer and hospitality company Adnams has seen its losses nearly double over the last year - but sales have risen steadily and it expects to see a turnaround on its balance sheet soon.

Sales rose by 3% to £66.3million in 2023 with stronger demand during the second half of year.

However its pre-tax loss increased to £4m, up from £2.3m in 2022. Operating losses went up to £2.5m from £1.2m) due to higher costs.

The overall net bank debt increased to £15.9m from £13.9m - but the company still has headroom remaining.

In its report Adnams say many factors had continued to challenge brewing and hospitality throughout the year.

It was pleased to report sales had increased for the third year running following the pandemic - which it said demonstrated the resilience of its business and brand.

Off-trade sales had increased 14% year-on-year supported by new national listings with several major retailers, wholesalers and pub companies.

Ghost Ship 0.5% is now the UK’s number one low or no alcohol pale ale and was its best performer.

In April this year, the company reported positive first quarter trading for the three months ending 31st March 2024, with total sales up 11% year-on-year.

Chief executive Andy Wood, who steps down from his role at the end of June to be replaced by Jenny Hanlon, said: “As we continue to pursue our strategy, it’s important that we leverage our distinctive strengths – as a heritage-rich, innovative company – to their fullest.

Eastern Daily Press: Jenny Hanlon, Adnams' incoming chief executiveJenny Hanlon, Adnams' incoming chief executive (Image: Adnams)

"The Adnams brand continues to hold significant equity and is championed and cherished by its customers.”

The Company is also continuing to explore a range of options to fund its future growth plans with the support of its advisors and has received an encouraging response to the process.

The Board’s preferred option remains the raising of additional capital from another party and/or the sale of freehold assets, however no decision has yet been taken.