Adnams plans to double operating profit
Suffolk based brewer and operator Adnams plans to double operating profit within five years.
Speaking at the company's AGM, executive chairman Jonathan Adnams said that despite the challenges of the previous year, it had grown turnover, profits and market share.
"During the year we had to deal with the smoking ban, introduced in July, summer floods and poor weather, increasing costs of raw materials and declining consumer confidence since the autumn," said Adnams.
"In this difficult environment our robust performance is a testament to the strength of our brand, the quality of our people, our ability to innovate, and our track record of investing in the business to support future growth."
Adnams last week launched Britain's first carbon neutral beer - East Green. The ale is brewed in Adnam's eco-efficient brewery in Southwold and will be distributed exclusively in over 500 Tesco stores.
Adnams said: "The market for green, ethical and fair-trade goods is valued at £15bn and growing at 9% per year.
"Adnams has credibility and a strong reputation in this market, not only for the innovative nature of our infrastructure renewal but also because of our products."
He added: "We have an ambitious strategic plan in place to more than double operating profits over the next five years.
"Adnams has entered 2008 in a stronger position than ever, however the operating environment has become more challenging and uncertain.
"In order to meet our strategic plan we have been expanding and strengthening our teams, which will result in increased costs in our half year results."
