Adnams brewery reports £2.5m operating losses
A 152-year-old brewing company has posted operating losses of £2.5m in 2023 blaming higher costs.
Adnams of Southwold, Suffolk has published its Report & Accounts for the 12 months to 31 December.
Chief executive Andy Wood said the company would "undergo further change as it is positioned for further growth".
The company previously said it was "exploring" options to secure its financial future after facing "inflationary pressure".
"This change is likely to result in a simplified operating model that encompasses the things the business does well, whilst reducing its borrowings, susceptibility to economic shocks and building greater resilience," Mr Wood added.
The company said multiple factors including higher costs were to blame but sales had increased by £66.3m.
It was also the third consecutive year of growth since the pandemic, according to Adnams, which it said "demonstrated the resilience of its business and brand".
It said the previously announced cost reduction measures and "continued disciplined cost management" would support its "profit improvement plans" for 2024.
In April, the company reported total sales were up 11% year on year in the three months up to 31 March.
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