Nichols PLC AGM Trading Update and Board Changes (4315X)
26 April 2023 - 8:00AM
UK Regulatory
TIDMNICL
RNS Number : 4315X
Nichols PLC
26 April 2023
26 April 2023
Nichols plc
(the "Company" or "Group")
AGM Trading Update and Board Changes
Nichols plc, the diversified soft drinks Group, provides the
following trading update for the three months to 31 March 2023
("the period"), to coincide with the Company's Annual General
Meeting ("AGM") taking place later today.
Group revenue for the period increased by 4.2% year-on-year to
GBP41.2m.
This positive performance reflected good progress in the Group's
Packaged (1) business, which saw revenues increase by 7.7% to
GBP32.0m. This was principally driven by an accelerated performance
in the International Packaged route to market, where revenue grew
by 20.1% as strong momentum in Africa continued from FY22. Within
the UK Packaged route to market, the Group saw revenue marginally
ahead of the prior year as the business continued to progress its
value over volume strategy.
As expected, the Group's Out of Home ("OoH") business has seen a
slower start to 2023 than in the prior year, with revenues down
7.8% to GBP9.2m, as continued significant cost of living pressures
are being experienced.
Cash and cash equivalents at the end of the period remained
strong at GBP55.7m (31 December 2022: GBP56.3m).
Outlook
The Group continues to take actions to mitigate the expected
significant inflationary pressure in line with forecasts. The
Group's Adjusted PBT(2) expectations for FY23(3) remain unchanged
and the Board remains confident in its long-term strategic growth
plans.
Board Changes
Chair Succession
As previously announced on 11 January 2023, Elizabeth (Liz)
McMeikan has been appointed as the Group's next Non-Executive Chair
following the retirement of John Nichols after 15 years as
Non-Executive Chairman. Liz joined the Group as a Non-Executive
Director on 1 February 2023 and will become Non-Executive Chair
following the conclusion of the AGM later today, subject to her
re-appointment by shareholders as a Director.
The Group confirms that John Nichols will remain on the Board as
a Non-Executive Director. John will take the second of the two
Nichols family Board positions, sitting alongside fellow
Non-Executive Director James Nichols, agreed as part of the
Relationship Agreement signed in July 2020.
Resignation of Director
The Group also announces that David Rattigan, the Company's
Chief Financial Officer, has resigned from the Board and will leave
the Group at the end of April 2023.
The Board has now commenced a search for a new CFO and
shareholders will be updated in due course. Gary Eden, Group
Financial Controller, who has been with the Group for two and a
half years will assume the responsibilities of the finance function
and will report to the Board with the assistance of John Gittins,
Independent NED and Chair of the Audit Committee.
John Nichols, Chairman, said "On behalf of the Board, I would
like to thank David for his contribution over the past three years.
During this time we have made important strategic progress whilst
having to navigate significant market headwinds and David has been
instrumental in enabling the Company to achieve that. We wish him
all the best for the future."
1 Refers to the Group's International Packaged and UK Packaged
routes to market. As announced in the Group's 2022 Annual Report
and Accounts, commencing 2023 the Board has changed the Group's
operating segments it reviews the results for and makes decisions
on as chief operating decision maker. These segments will now be
Packaged, Out of Home and Corporate.
2 Excluding exceptional items
3 FY23 expectations refers to a Group compiled market consensus
of adjusted PBT GBP25.3m
Contacts
Nichols plc Telephone: 0192 522 2222
Andrew Milne, Group Chief Executive
Officer
------------------------------------- ----------------------------------
Singer Capital Markets (NOMAD & Telephone: 0207 496 3000
Broker)
Website: www.singercm.com
Steve Pearce / Jen Boorer
----------------------------------
Hudson Sandler (Financial PR) Telephone: 0207 796 4133
Alex Brennan / Charlotte Cobb / Email: nichols@hudsonsandler.com
Harry Griffiths
------------------------------------- ----------------------------------
Notes to Editors:
Nichols plc is an international diversified soft drinks business
with sales in over 73 countries, selling products in both the Still
and Carbonate categories. The Group is home to the iconic Vimto
brand which is popular in the UK and around the world, particularly
in the Middle East and Africa. Other brands in its portfolio
include SLUSH PUPPiE, Feel Good, Starslush, ICEE, Levi Roots and
Sunkist.
For more information about Nichols, visit:
www.nicholsplc.co.uk
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the company's obligations under Article 17 of MAR.
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