The Suffolk brewer and pub operator posted revenue of £27.4m for the six months to 30 June 2026, down from £30.1m in the same period last year.
The business said the largest reduction in revenue was expected and related to pub disposals completed during 2025.
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Loss before tax stood at £1.4m, broadly in line with the previous year, while loss after tax improved from £1.4m to £1.1m.
Operating expenses were reduced by more than £2m, which Adnams said reflected improvements in efficiency, overhead control and operational discipline.
Hospitality focus
Chair Simon Townsend said the business had continued to make progress against strategic and operational priorities despite difficult trading conditions across hospitality and drinks.
Trading across Adnams’ managed pubs and hotels was below expectations during the first half, prompting operational, commercial and labour management changes.
However, the group said early results from those actions, alongside favourable weather and the men’s football World Cup, had been encouraging.
In July, the managed estate delivered like for like revenue growth of 3.3% and profit growth of 10%.
Townsend said Adnams continued to view itself as “a hospitality business with a brewery at its heart”, with more management time, investment and development focused on its pubs, hotels and hospitality assets.
Ghost Ship performance
In retail, Adnams said the relocation of its Bury St Edmunds store in December 2025 had delivered a significant improvement, with profitability at the half year materially ahead of the previous site.
Direct free trade revenues in the drinks business were broadly flat year on year, while supermarket trading was also broadly in line with the previous year.
The group said the Ghost Ship family of brands continued to outperform the total ale category by 2.1%.
However, performance in national wholesale was below expectations and Adnams said it had appointed an experienced wholesale specialist to improve the channel and identify new growth opportunities.
The update follows a period of restructuring at Adnams, including the closure of five retail stores earlier this year, as the brewer looks to reduce costs and simplify the business.
Interest costs fell by 50% to £0.4m, following Adnams’ debt reduction programme.
Townsend said: “Adnams today is a more focused business than it was two years ago. Our balance sheet is stronger, financing costs have reduced materially and our strategic direction is clear.”
The board is not recommending an interim dividend.
