LONDON, July 5, 2026, 15:11 BST
- Adnams Class B last traded on July 3 with a 1,600p mid on AQSE. Bid stood at 1,200p, ask at 2,000p.
- Six trades went through on AQSE in the week to July 3, with 1,521 shares changing hands for a total of £24,333.55. That’s roughly 0.5% of the listed B-share line.
- Net bank debt stood at £9.2 million as of Dec. 31, about double the £4.57 million Aquis B-share market cap. Directors did not propose a final dividend for 2025.
Adnams plc Class B AQSE:ADB opened Monday on AQSE showing a 1,600p mid price, but that’s mostly because not much is trading. Aquis quoted a bid of 1,200p and an ask of 2,000p, putting the spread at half the mid, after the last trade on Friday, July 3. The market value stood at £4.57 million with 285,800 B shares listed as tradable.
The stock was quoted at 15:11 BST on Sunday, outside Aquis Exchange’s usual London hours of 0800 to 1630, Monday to Friday. Aquis’s holiday calendar for 2026 lists no shutdown in July ahead of the August 31 summer bank holiday. Next scheduled session is Monday.
Trading volume last week was light, even for micro-caps. Aquis data lists only six trades from June 29 to July 3. Three trades hit the tape Friday at 1,265p, 2,000p and 1,600p—a 58% swing between the day’s low and high.
| Week ended July 3 | Trades | Shares | Value | Price range |
|---|---|---|---|---|
| June 29 | 2 | 1,250 | £19,975.00 | 1,590p-1,600p |
| July 1 | 1 | 1 | £12.55 | 1,255p |
| July 3 | 3 | 270 | £4,346.00 | 1,265p-2,000p |
| Total | 6 | 1,521 | £24,333.55 | 1,255p-2,000p |
For holders, that’s the issue. The quoted mid at 1,600p doesn’t mean much when the bid is 25% under and the offer 25% above. Hargreaves Lansdown showed the same 1,200p to sell and 2,000p to buy, with the stock flat.
Balance sheet repair is still the top concern for investors. Adnams said 2025 revenue came in at £63.7 million, lower than £68.1 million, but operating profit moved into the black at £0.47 million from a £1.17 million loss. Loss before tax narrowed too, hitting £0.75 million from £2.78 million. Net bank debt was trimmed to £9.2 million from £15.3 million on asset sales.
| Metric | Latest reported figure | Investor read-through |
|---|---|---|
| AQSE mid price | 1,600p | This is the current benchmark price for Class B |
| Bid-offer spread | 1,200p-2,000p | Mid price spread is at 50% |
| Aquis B-share market value | £4.57 mln | Market cap from B-share quote |
| Net bank debt | £9.2 mln | Nearly double market value of B shares |
| Net assets excluding pension liability | £19.5 mln | More than four times B-share market value |
| 2025 final dividend | None proposed | Cash remains with company |
Chair Simon Townsend told shareholders at the June 26 annual meeting that 2025 started after a run of loss-making years, with disposals aimed at sites with low returns, poor earnings outlook or outside Adnams’ core area. He thanked Jenny Hanlon and the team for their “commitment to the changes necessary to turn this company around.” Investegate
Townsend said the October 2024 UK budget will push up Adnams’ 2025 costs by about £2 million, citing higher employers’ National Insurance, National Minimum Wage and Extended Producer Responsibility. Adnams said all AGM resolutions cleared and voting results will go up on its website.
The numbers lay out the problem for the equity argument. Adnams reported a £4.22 million gain from asset sales in 2025, but still posted a £2.04 million operating loss before those sales. Interest costs were £1.25 million, less than the £1.81 million paid in 2024.
Adnams said most of its 2025 asset sale plan is done, though it’s still considering other disposals if the cash can go into profit and new investments. Townsend said the focus is to “grow our free cash generation and restore shareholder value over time.” Aquis
Aquis data for 2026 up to July 3 list 116 trades, with 8,684 shares traded for a total of £137,259.17. That’s roughly 3.0% of the quoted B shares in the market, based on Hargreaves Lansdown’s 285,842 share count.
Looking to the week ahead, a real print near the mid would give a clearer signal than more flat quotes. Adnams’ shareholder page lists 2025 finals posted on May 27 and the 2026 AGM on June 26, but nothing yet on any new trading event.
