24 April 2024
Nichols
plc
(the
"Company" or "Group")
AGM
Trading Update
Trading in line with expectations;
FY24 adjusted PBT expectations remain unchanged
Nichols plc, the diversified soft
drinks Group, provides the following trading update for the three
months to 31 March 2024 ("the Period"), to coincide with the
Company's Annual General Meeting ("AGM") taking place later
today.
Trading in 2024 has started in line
with management expectations reflecting the Group's continued
strategic progress. Strong growth in the UK
Packaged business was offset by an anticipated decline in
International revenue due to the phasing of shipments and strong
prior year comparatives as well as the continued successful
rationalisation and focus on profitability in the Out of Home (OoH)
business. As a result, Group revenue decreased 5.9% year-on-year
to £38.8m.
UK Packaged revenues increased by
6.8% to £20.4m, driven by an underlying volume increase of 4.4%
over the Period. The Vimto brand continued to grow in value largely
reflecting new product innovation and increased
distribution.
International Packaged revenues
decreased by 23.0% to £9.8m, reflecting the timing of shipments
into the Middle East and reduced volumes in Africa, which benefited
from one-off launch volumes into Ivory Coast during the same period
last year. We continue to expect the International business to
deliver profitable growth across the full year.
In-line with our strategic plan, OoH
revenues declined by 6.2% to £8.6m, reflecting the withdrawal from
unprofitable accounts in the second half of FY23. The OoH
business continues to show improved profitability as the benefits
of the strategic review are realised.
Cash and cash equivalents at
the end of the Period were £73.0m (31 December
2023: £67.0m).
Outlook
The Board remains confident that the
Group, underpinned by the strength of the Vimto brand and the
Group's diversified international business model, is well placed to
deliver profitable growth in the coming
year and achieve its long-term strategic
ambitions. The Group's Adjusted PBT1 expectations
for FY242 remain unchanged.
1 Excluding exceptional
items
2 FY24 expectations refers to a
Group compiled market consensus of adjusted
PBT £28.8m
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Nichols plc
Andrew Milne, Chief Executive
Officer
Richard Newman, Chief Financial
Officer
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Telephone: 0192 522 2222
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Singer Capital Markets (NOMAD &
Broker)
Steve Pearce / Jen Boorer
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Telephone: 0207 496 3000
Website: www.singercm.com
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Hudson Sandler (Financial
PR)
Alex Brennan / Hattie Dreyfus /
Harry Griffiths
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Telephone: 0207 796 4133
Email: nichols@hudsonsandler.com
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Notes to Editors:
Nichols plc is an international
diversified soft drinks business with sales in over 60 countries.
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, 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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