London, July 9, 2026, 17:10 BST
- Adnams Class B closed flat at 1,600p on AQSE. Three trades went through, totaling £301,296.
- A single 18,750-share trade accounted for over 99% of value traded today, which is notable for a name with just 285,842 B shares outstanding.
- The quoted bid-ask spread was 1,200p to 2,000p, showing the liquidity risk on the Suffolk brewer’s turnaround.
Adnams plc Class B AQSE:ADB got a jolt of activity Thursday, as a single £300,000 chunk traded in the afternoon and ended up making up nearly all of the session’s turnover. The mid-price held steady at 1,600p after the AQSE close. Aquis data showed 18,851 shares moved in three trades, about 6.6% of Adnams’ B ordinary shares. The final trade came at 15:43 BST.
Liquidity mattered more than price here. The main trade was 18,750 shares at 1,600p, almost all the day’s volume at 99.5%. The spread stayed so wide it could take out half the mid-price. For a stock this illiquid, that’s the story—not momentum, at least not now.
| Market measure | Latest AQSE data | Investor read-through |
|---|---|---|
| Mid-price | 1,600p | No change for the session |
| Bid / ask | 1,200p / 2,000p | Spread is 50% off the mid |
| Day volume | 18,851 shares | Roughly 6.6% of B shares out |
| Day value | £301,296 | Most of it comes from a single block |
| Year high / low | 2,400p / 1,600p | Stock sits on the range floor |
| AQSE market value | £4.57 mln | Micro-cap, tight on institutions |
Adnams has 285,842 B shares outstanding, with about 78% held by the public, its regulatory filings show. Thursday’s trading made up roughly 8.5% of the public float in B shares—a big number for Adnams, where shares usually trade thinly, often by appointment.
No new update from the company was issued on Aquis on Thursday. Shares moved on the last reported numbers: revenue for 2025 fell to £63.7 million from £68.1 million, operating profit came in at £0.5 million after a loss of £1.2 million, while net bank debt dropped to £9.2 million from £15.3 million. Adjusted EBITDA, which strips out items, was £0.5 million.
| Adnams 2025 results | 2025 | 2024 | Change |
|---|---|---|---|
| Revenue | £63.7 mln | £68.1 mln | Down 6.3% |
| Operating profit / loss | £0.5 mln | £(1.2) mln | Moved into the black |
| Pre-tax loss | £(0.7) mln | £(2.8) mln | Loss shrank |
| Adjusted EBITDA | £0.5 mln | £1.2 mln | Weaker |
| Net bank debt | £9.2 mln | £15.3 mln | Dropped £6.1 mln |
| Dividend | None | None | Still nothing |
Adnams reported a mixed result on competitiveness. The company said brewery volumes dropped 6% in 2025, which was better than the 8% decline in the overall market. Off-trade volumes were up 1%, while that part of the market was down 5%. CEO Jenny Hanlon said Adnams “worked tirelessly to gain market share,” and pointed to more than 3,700 new supermarket distribution points plus Ghost Ship Alcohol Free winning business at Marston’s plc (LON:MARS) sites. Aquis
Investors still want to see those gains lead to cash. Chair Simon Townsend told shareholders that rising costs from National Insurance, National Minimum Wage, and Extended Producer Responsibility will push the 2025 cost base up by about £2 million. Townsend called it “a difficult period of intense activity.” CFO Andy Driscoll said he’s been focusing on finding the “true level of profitability” in each channel. Aquis
The valuation is tricky for shareholders. The B-share market value sits at £4.57 million, which is much less than revenue of £63.7 million. But the company is still posting a loss before tax, with net bank debt about double the B-share value. Directors also aren’t recommending a final dividend for 2025, the latest results said.
There’s a risk Thursday’s block trade just shows a liquidity move, not a view on recovery. When the bid-ask spread is wide, the mid-price can be misleading, not showing what buyers or sellers really get. AJ Bell calls Aquis-listed investments higher risk because low liquidity makes trading tougher.
The challenge is clear. Adnams must push for higher volumes in supermarkets and in pub sales to make up for fewer pubs, less contract business, and rising staffing and packaging costs. Unless that leads to real cash flow, the stock could continue to trade more like a private company with a public tag than a standard listed brewer.
