REG - Nichols PLC - 2025 Preliminary Results
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RNS Number : 1303W Nichols PLC 11 March 2026
11 March
2026
2025 Preliminary Results
Delivery of strategic initiatives drives strong profit growth in-line with
expectations
Nichols plc ('Nichols', the 'Company' or the 'Group'), the diversified soft
drinks group, announces its Preliminary Results for the year ended 31 December
2025 (the 'Period').
Year ended Year ended Movement
31 December 2025 31 December 2024
Group Revenue £175.1m £172.8m +1.3%
Adjusted Operating Profit(1) £31.7m £28.9m +9.9%
Operating Profit £27.3m £21.5m +27.1%
Adjusted Profit Before Tax (PBT)(1) £33.6m £31.4m +7.0%
Profit Before Tax (PBT) £29.2m £24.0m +21.5%
Adjusted PBT Margin(1) 19.2% 18.2% +1.0ppts
PBT Margin 16.7% 13.9% +2.8ppts
Adjusted EBITDA (2) £33.8m £30.8m +9.6%
EBITDA(3) £29.4m £23.5m +25.2%
Adjusted earnings per share (basic)(1) 67.53p 64.02p +5.5%
Earnings per share (basic) 58.67p 48.84p +20.1%
Cash and cash equivalents £55.7m £53.7m +3.8%
Free Cash Flow(4) (FCF) £13.8m £17.8m -£4.0m
Adjusted Return on Capital Employed(5) 34.1% 31.0% +3.1ppts
Return on Capital Employed(6) 29.4% 23.1% +6.3ppts
Proposed Final Dividend 18.7p 17.1p +9.4%
Total Ordinary Dividend 33.7p 32.0p +5.3%
Special Dividend - 54.8p (54.8p)
Financial highlights
- Group revenue 1.3% higher than last year at £175.1m (2024: £172.8m),
driven by increased volumes in UK packaged and also reflecting the shift in
International to a lower revenue but margin-enhanced concentrate model
across several African markets and the exit of the low margin Starslush brand
in H2
- Overall Packaged revenue increased by +1.8%, with UK Packaged ("UKP")
sales up by +3.1%, largely driven by innovation and distribution gains, and
1.5% growth in International on a like-for-like(7) basis following the
successful strategic shift to the concentrate model
- In-line with our strategy to focus on profitability, Out of Home (OoH)
revenue was consistent year-on-year, despite the exit of the low margin
Starslush business
- Gross margin remained strong at 46.1% (2024: 45.7%). UK Packaged gross
margin increased despite inflationary pressures offset by a disciplined and
robust focus on cost management, enhanced by the implementation of the new ERP
system
- Increased weighting of higher margin concentrate sales in
International
Packaged within our Africa business unit
- Adjusted operating profit increased by 9.9% to £31.7m, with an
enhanced adjusted operating margin of 18.1% (2024: 16.7%) and adjusted profit
before tax increased by 7.0% to £33.6m, reflecting disciplined cost
management
- Free cash flow of £13.8m (2024: £17.8m) resulting in cash and cash
equivalents of £55.7m (2024: £53.7m)
- Dividend payments of £11.7m (2024: £11.2m ordinary dividend and a
special dividend of £20.0m)
o Investment in new Enterprise Resource Planning (ERP) system of £4.4m
(2024: £7.6m)
- The reduction in free cash flow is driven by a timing difference in
working capital, driven by phasing of year-end sales, which is expected to
unwind in H1 2026
- Final ordinary dividend proposed at 18.7p (2024: 17.1p). Total
ordinary dividend of 33.7p (2024: 32.0p)
Strategic and operational highlights
- Sustained growth in UK Packaged delivered the highest ever Vimto Retail
Sales Value (RSV) of £129.1m, driven by new product innovation, market share
gains across dilutes, energy and ready to drink (RTD) sub-categories.
- The International Packaged division continued to deliver excellent
results underpinned by the new concentrate model in West Africa bringing
production closer to the end consumer which is continuing to improve margins
- Further simplification of the OoH operating model, including the exit
of the low margin Starslush brand
- Significant investment in a new ERP system, which was successfully launched
in Q1 and is already delivering benefits/efficiencies across the business
- The brand licensing channel continues to grow, with an enhanced
partnership with Myprotein and a new agreement with Applied Nutrition
Current trading and outlook
- Nichols continues to benefit from its diversified, asset-light business
model, exciting portfolio of brands and strong balance sheet, and is
well-positioned to deliver its medium-term growth strategy
- Trading so far during 2026 has been positive and in line with
expectations
- The Board is committed to maintaining a strong balance sheet while
prioritising growth in line with its medium-term ambitions and continuing to
deliver attractive returns to shareholders. Nichols' strong balance sheet,
confidence in the outlook and good cash generation are reflected in the
intention to reduce dividend cover to 1.5x during 2026.
Andrew Milne, Chief Executive Officer of Nichols, commented:
"As a result of the continued execution of our growth strategy, Nichols
delivered another strong performance in 2025, delivering solid profit growth.
In the UK, Vimto has grown across its four key sub-categories, reinforcing the
enduring strength and appeal of our iconic brand. Growth has been driven by
expanded distribution, investment in our brand and our proven ability to bring
compelling new products to market. Our International business delivered
impressive growth in Africa, supported by our strategic shift towards a
margin-enhancing concentrate model across several West African markets."
"We have an exciting pipeline of initiatives and plans across our markets in
the year ahead and remain focused on delivering further progress against our
medium-term ambitions, leveraging the strength of the Vimto brand, the Group's
diversified business model and strong financial position."
References:
1 Excluding exceptional items
2 Adjusted EBITDA is the adjusted profit before tax, interest, depreciation
and amortisation
3 EBITDA is the profit before tax, interest, depreciation and amortisation
4 Free Cash Flow is the net increase in cash and cash equivalents before
acquisition funding and dividends
5 Adjusted return on capital employed is the operating profit (excluding
exceptional items) divided by the average period-end capital employed
6 Return on capital employed is the operating profit divided by the average
period-end capital employed
7 Like-for-like (LFL) converts new concentrate sales volumes into equivalent
can sales, enabling a consistent comparison and is a common term used in the
industry. Reconciliation to a statutory measure is not applicable.
Contacts
Nichols plc Telephone: 0192 522 2222
Andrew Milne, Chief Executive Officer
Rebecca Hughes, Interim Finance Director
Singer Capital Markets (NOMAD & Broker) Telephone: 0207 496 3000
Jen Boorer / Sara Hale / Andrew Jonhnson Website: www.singercm.com (http://www.singercm.com)
Joh. Berenberg, Gossler & Co KG, London (Joint Broker) Telephone: 0203 207 7800
Clayton Bush / Alix Mecklenburg-Solodkoff
Hudson Sandler (Financial PR) Telephone: 0207 796 4133
Alex Brennan / Hattie Dreyfus / Harry Griffiths Email: nichols@hudsonsandler.com (mailto:nichols@hudsonsandler.com)
Notes to Editors
Established in 1908, Nichols operates within the resilient soft drinks
category and owns or licenses several brands. Nichols is geographically and
operationally diversified, operating across three routes to market of UK
Packaged, International Packaged and Out of Home.
In the UK, Nichols operates across five soft drinks sub-categories: squash,
flavoured carbonates, fruit drinks, energy and flavoured water. Nichols'
portfolio includes the iconic Vimto brand plus a growing portfolio of licensed
brands including Levi Roots, ICEE, SLUSH PUPPiE and Sunkist.
Under its asset-light model, Vimto is prominent in areas such as the Middle
East and Africa and is enjoyed in over 60 countries worldwide.
For more information, visit the website: https://www.nicholsplc.co.uk/
(https://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.
Chair's Statement
I am pleased to present my report on what has been another year of strong
progress for the Group.
The business has made good progress in delivering against our key strategic
priorities despite a challenging trading environment. Nichols operates in a
dynamic sector that demands agility and a readiness to respond to shifting
consumer behaviour and market trends. Thanks to the strength of our brand
portfolio, our experienced leadership teams, and our asset-light model, we
continue to deliver strong growth and robust profitability.
Group revenue increased by 1.3% to £175.1m (2024: £172.8m). Our core
Packaged division performed well, delivering 1.8% growth. This was driven by
another robust year in the UK, where revenue rose by 3.1%, supported by
product innovation, targeted strategic marketing initiatives and important
distribution gains. Revenue in our International Packaged division was
consistent with 2024, in line with our expectations following our transition
towards a lower revenue but margin-accretive concentrate model in selected
African markets. Revenue in the OoH business was consistent year‑on‑year,
following the exit of the low-margin Starslush business and the focus on
driving profitability. Gross profit increased by 2.2% to £80.7m (2024:
£79.0m). Adjusted operating profit increased by 9.9% to £31.7m (2024:
£28.9m), and adjusted profit before taxation rose by 7.0% to £33.6m (2024:
£31.4m).
Strategic Progress
Nichols operates in a resilient and expanding category, with meaningful
opportunities for growth across both our UK and International Packaged
businesses. Having set a clear strategy and medium-term objectives for the
business, supported by investments in our core capabilities, the strong
financial performance this year demonstrates the benefits of these foundations
and the momentum behind our plans. A particular highlight during the year was
the launch of a Company-wide ERP system that will provide a platform for
growth and drive enhanced productivity across the business
People
Our continued progress is a direct result of the outstanding contribution of
colleagues across the Group. Their professionalism, commitment and teamwork
have been central to the successful execution of our strategy. I extend my
sincere thanks to all of them for their dedication. The breadth of experience,
expertise and passion within our organisation sets us apart and is a key
element of our long-term competitive advantage. Stakeholders across the Group
benefit from the strength of our people and their drive to deliver exceptional
results.
The Board
We had an emotionally difficult start to the year, losing Richard Newman, our
CFO, following his battle with cancer. As a highly valued colleague and a
pivotal member of the Nichols Board and leadership team, Richard's kindness,
professionalism and dedication will be remembered by all who had the privilege
of working with him.
We are grateful to David Taylor who rejoined the Company as a non-Board
Interim Finance Director in February 2025 and provided invaluable support to
the Board. In September, Rebecca Hughes, our Group Financial Controller,
succeeded him as Interim Finance Director and will continue in that capacity
until the arrival of our new CFO, Matthew Rothwell, in April 2026.
In August 2025, John Gittins stepped down as a Non‑Executive Director after
serving a full nine-year term, plus an additional year to support the Group
during a period of significant change. We thank John for his dedicated service
and his leadership as Chair of the Audit Committee. In March 2025, we were
pleased to welcome Alan Williams to the Board as a Non-Executive Director, and
he assumed the role of Audit Committee Chair in August. Alan brings extensive
experience and capability, and we are delighted to benefit from his insights.
Over the year, we continued to strengthen our succession planning processes to
ensure the Board's composition and expertise remain well aligned to the needs
and future direction of the business.
Environment, Social and Governance
We remain proud of our commitment to the Nichols Happier Future strategy,
which is structured around three core pillars: Everyone Matters, Products
We're Proud Of and Owning Our Climate Impact. These principles sit at the
heart of our decision-making and are embedded in the development and delivery
of our growth strategy.
We made meaningful progress against our pillars this year. Just a few of our
achievements in 2025 include:
- Completing the first phase of our packaging lightweighting project,
which has removed 750 tonnes of plastic and aluminium in 2025(1)
- Moving from an import model to local production of Vimto in West
Africa, reducing the environmental impact of shipping, at the same time
delivering local employment opportunities
- Initiating the electrification of our commercial vehicle fleet to
reduce significantly our Scope 1 emissions
- Delivering a hugely successful Camp Vimto, supporting 20 young people
from our local community with their personal development
As a result of the team's work across the three core pillars, our EcoVadis
sustainability rating improved from bronze to silver, putting us in the top
15% of companies surveyed(2).
I am particularly pleased that employee engagement levels remain high as we
continue to strengthen our distinctive culture and enhance the support we
provide to colleagues, including in areas such as mental health, reward and
workplace flexibility. We are as proud of our people and values as we are of
our financial performance.
Dividend and Capital Allocation
Nichols maintains a clear capital allocation framework focused on sustained
investment in growth, both organic and through acquisition where it meets the
Board's criteria, combined with a strong balance sheet and a progressive
dividend policy.
Reflecting continued strong cash generation, the Board is recommending a final
ordinary dividend of 18.7p per share (2024: 17.1p), giving a proposed total
ordinary dividend for the year of 33.7p per share (2024: 32.0p). Subject to
shareholder approval, the final dividend will be paid to all shareholders on
the register at 20 March 2026, with an ex-dividend date of 19 March 2026.
Nichols continues to demonstrate its robust long-term cash generation and held
cash and deposit balances of £55.7m at 31 December 2025 (2024: £53.7m). The
Board is committed to maintaining the strength of its balance sheet while
prioritising investment in growth, in line with its medium-term ambitions, and
continuing to deliver attractive returns to shareholders. The Board will
continue to assess acquisition opportunities in line with its strict criteria.
Nichols' strong balance sheet, confidence in the Group's outlook and good cash
generation reflects the intention to reduce dividend cover from 2.0x to 1.5x
during 2026, whilst still maintaining its' commitment to return surplus cash
to shareholders.
Outlook
The Group continues to benefit from its diversified, asset-light business
model, combining its well-established position in the UK with the enhanced
growth potential of our International operations. Investment in innovation,
product development and the expansion of our international footprint within
the Packaged business provide a strong foundation for growth in the near and
medium term.
The Group strategy sets a clear and ambitious path forward for each of our
business units, underpinned by well-defined financial goals. The Board remains
confident in the Group's ability to execute these plans and deliver
sustainable returns, supported by our strong brand portfolio, disciplined
strategy and solid financial position.
Liz McMeikan
Non-Executive Chair
11 March 2026
References:
1 v. 2022 baseline
2 ecovadis assessment, January 2026
Chief Executive Officer's Statement
Overview
I am delighted to share our results for the year ended 31 December 2025, a
year in which, despite continued market challenges and persistent regulatory
change, we delivered another robust performance. Our success is testament to
the passion and resilience of our teams, and I am grateful for their
commitment and determination to enable us to deliver these strong results. The
success of our business is built on our strong values and culture, and I feel
proud to see our people bringing those behaviours to life on a daily basis. I
also wish to thank our partners for their ongoing collaboration.
Financial Performance
Revenue was 1.3% ahead of last year at £175.1m which, encouragingly, was
achieved through both volume and value increases, reflecting strong consumer
demand for our products. We also implemented targeted revenue growth
strategies to help mitigate ongoing cost pressures. As a result of these
actions, and our disciplined cost controls, I am pleased to report that Group
margins and bottom line improved. Gross profit increased by 2.2% to £80.7m
(2024: £79.0m) with gross margin increasing from to 46.1% (2024: 45.7%).
Adjusted operating profit grew by £2.8m (+9.9%), adjusted profit before tax
(PBT) grew by £2.2m (+7.0%) with an adjusted PBT margin of 19.2% (2024:
18.2%).
After net exceptional costs of £4.4m (2024: £7.4m), principally relating to
the business change programme and systems development, operating profit was
£27.3m (+27.1%) and profit before tax was £29.2m (+21.5%), with a PBT margin
of 16.7% (2024: 13.9%).
Strategy Overview
Our strategy has four key strategic pillars: More from the Core, Thirst for
New, Fuel for Growth and creating a Happier Future. We have delivered strong
progress across all the geographies we operate in by continuing to execute our
plans against these initiatives.
As a result of the successful implementation of this strategy, our portfolio
of owned and licensed brands continued to deliver growth in 2025, underpinned
by strong performances in our core product ranges and markets, disruptive
marketing campaigns and exciting new product innovation launches.
During 2025, we launched a new Enterprise Resource Planning (ERP) system as
part of our business change programme to drive future growth and unlock
enhanced efficiencies and benefits. A broad range of people across our
business have worked with several external partners over the past three years
to ensure a seamless transition, and I am pleased to report that the Q1 launch
was extremely successful with post go-live support provided by our partners
until July, and we have continued to maintain high service levels to all our
key customers during the year.
Enabling consumers to enjoy our products every day remains fundamental to our
success. We have continued to invest in research and insights to ensure we
understand evolving consumer needs and preferences across all of our
territories. Adapting our portfolio and marketing plans to meet evolving
consumer preferences has been at the core of our success in 2025 and will
remain a key driver of our long-term growth.
Our Happier Future strategy continues to be a cornerstone of our long-term
vision, and we are pleased to have made further progress against our
commitments during the year.
Market Performance
UK Packaged
In 2025, the UK Packaged division continued its trajectory of sustained
growth, achieving a revenue increase of 3.1% compared to 2024. Vimto reached
its highest-ever RSV at £129.1 million(1), a milestone driven by strategic
new product development, marketing programmes driving brand penetration and
significant gains in core distribution. The broader Nichols portfolio also
performed strongly, attaining a total RSV of £135 million(2), a 4.8%
year-on-year increase, through the combined strength of Vimto and our licensed
brands Levi Roots and Slush PUPPiE.
Our commitment to our category strategy has driven portfolio growth and
supported medium-term business goals. In the squash category, we maintained
the number two market position with an RSV of £75.2 million(3), a 4.6%
year-on-year rise, fuelled by value and volume growth from our core range in
addition to the launch of our new Vimto squash products including Wonderfuel
and Double Concentrate.
Vimto Wonderfuel, our first functional health product targeting the breakfast
drinking occasion, launched in Q1 2025 and achieved national distribution
across the major UK retailers, with the launch supported by a £1.2m
multi-media and activation campaign during the key September back-to-school
period. With 10% of Wonderfuel shoppers being new to the squash category(4),
this exciting innovation has driven category penetration. It also won silver
at The Grocer's 2025 soft drinks packaging and products awards.
We also expanded our core Vimto squash range with two double concentrate
variants, original and tropical, whilst driving distribution and rate-of-sale
growth through targeted shopper activation and in-store investment, including
branded bay installations across Sainsburys and Morrisons.
Beyond squash, we continued to drive growth in our ready-to-drink and energy
ranges. The launch of Vimto Energy into the wholesale channel, alongside our
kids' 250ml proposition, now fortified with vitamins and delivering £1.6
million RSV(5), exemplifies our commitment to innovation. In the energy
category, both Vimto and Levi Roots have delivered double-digit growth, with a
combined RSV of £4.6 million only 2 years after being launched. Vimto Energy
alone achieved £4.0 million RSV in 2025, representing a 41% year-on-year
increase(6). This growth was supported by new pack formats, expanded channels,
and incremental gains in grocery multiples, convenience, and online.
The energy category overall continues to demonstrate significant scale and
growth, now valued at £2.5 billion(7) (+13.3% YoY), with lower sugar and more
natural variants gaining prominence. Vimto Energy and Levi Roots Energy remain
well-positioned for further expansion into emerging growth segments.
In 2025, our Vimto Masterbrand 'Love the Taste or Your Money Back' campaign
returned after its successful 2024 launch. Backed by a record £3.5m
investment in a multi-channel campaign and featuring on 36 million packs, it
offered consumers a risk-free product trial. The campaign has significantly
boosted brand penetration, equity and sales.
The diversity of the Vimto brand, complemented by licensed brands Levi Roots
and Slush PUPPiE, supported growth across established customers and secured
high-profile distribution in convenience, online and "on the go" locations.
For example, during our second full year of trading with Amazon, we have
gained further visibility and accelerated online sales, ensuring our brands
remain accessible and relevant in a dynamic marketplace.
We also continue to see a strong performance under our brand licensing
agreements. Our strategic partnership with Myprotein has further broadened
usage occasions in health and wellness, including the launch of Vimto Creatine
and Impact Pre Workout. Additionally, our new partnership with Applied
Nutrition has strengthened our position in the functional space through the
introduction of Vimto energy gels and hydration tablets, expanding the brand
into complementary retail channels.
International Packaged
We delivered strong in market volume growth across our international markets
in 2025. Growth was particularly strong in Africa with like-for-like revenue
is up 9.4% as we continued to build on our new model of local production and
working with new and existing importers in broader markets to drive trial and
distribution.
In line with our expectations, Middle East revenues declined by 15.5% given
the phasing of concentrate shipments during 2025 and 2024 led by the timing of
Ramadan. Building on our long-standing relationship with partners Aujan
Coca-Cola Beverages Company (ACCBC), Vimto cordial was successfully relaunched
in the markets of Yemen and Iraq, adding incremental volume versus prior year.
Once again, trade execution across the Gulf was world class during the Ramadan
period, with a campaign running across all media platforms and channels.
New product innovation helped to maintain brand equity in the competitive
carbonated and ready to drink (RTD) categories in the Middle East. Leveraging
Vimto consumers' love of berries and association of Vimto with dark fruits,
still Blackcurrant RTD was launched across the Gulf region in October.
In-store displays focused on flavour and immunity support with an above the
line collaboration with Cartoon Network adding appeal and credibility. In
carbonates, the launch of an incremental 330ml can to the existing 250ml range
gives Vimto access to the biggest offtake price point segment of the
marketplace.
As anticipated, total International revenue was consistent with the prior year
reflecting the successful phased transition from a finished goods to a
margin-enhancing concentrate model in Africa. Our strategy to move can
production closer to the point of consumption provides volume, margin and
carbon reduction ESG benefits.
Across our Rest of World markets, principally Europe and North America,
building volume has been our key priority in 2025, following our focus on
maintaining margins in 2024. These geographies now achieve combined revenues
of £9.2m. Revenues in Europe increased by 6.0% versus 2024, as we focused on
supply chain efficiency improvements and driving the core range into more
distribution points. Revenues in the USA achieved 23.0% growth thanks to the
execution of collaborative regional expansion plans with our local partner.
Having launched in Malaysia towards the end of 2024 as part of our geographic
expansion plan, we have secured retail listing gains in the market, ensuring
Vimto cordial is now available in over 3,000 stores. Working with our local
partners, we have executed disruptive campaigns to drive trial and awareness
via TV, in-store and outdoor media as well as sampling and consumer give
aways. We are continuing to invest strongly through the line to build brand
equity, focusing on our differentiated product offering.
Out of Home
At a macro level the OoH market continued to face challenging conditions with
rises in the national living wage, employers NI and the cost of living
impacting consumer demand. Despite these challenges, I am pleased to report
that we delivered revenue and PBT in line with 2024.
In the first half of the year, we successfully exited from the low margin
Starslush business through a new partnership with Polar Krush. While this
impacted our 2025 revenue and had a small impact to profitability, it was
consistent with our strategy to simplify our OoH business, which is now
focused solely on driving profitable growth in post-mix within the leisure and
hospitality channel, and ICEE in the cinema channel.
We were delighted to win distribution for our ICEE brand across the Reel
Cinema chain and capitalised on the excitement surrounding the releases of
Jurassic World and Wicked 2 by launching four limited edition flavours,
generating strong engagement and positive feedback from both customers and
consumers.
Looking Ahead
Our strong financial and operational performance in 2025 reflects the
continued execution of our growth strategy across multiple routes to market
and the resilience of our diversified, asset-light business model.
Looking ahead, we anticipate delivering another strong performance in 2026
despite ongoing macroeconomic uncertainty. Trading in 2026 to-date has been
positive and in line with our expectations.
We continue to operate in a resilient and expanding soft drinks market,
underpinned by a well-balanced portfolio of owned and licensed brands,
attractive opportunities for geographical expansion and a strong balance sheet
that enables both organic growth and targeted acquisitions. We can execute
this growth strategy alongside higher dividend returns for shareholders, and
plan to reduce dividend cover to 1.5 times adjusted earnings, a level we see
as prudent and sustainable. With a clear set of strategic priorities, a robust
business model, and the continued commitment of our teams, we are confident in
our ability to deliver sustained growth, strategic progress and generate
attractive shareholder returns in line with our medium-term ambitions which
were shared at the capital markets day in 2024(6).
Andrew Milne
Chief Executive Officer
11 March 2026
References:
1 Nielsen IQ RMS for Squash, Flavoured Carbonates, RTDs, Flavoured Water, and
Energy categories for 12 months to 27.12.25 for the total coverage market.
2 Nielsen IQ RMS for the Squash category for 12 months to 27.12.25 for the
total coverage market
3 Worldpanel | New to Dilute Category | 28 w/e 05 Oct 2025
4 Nielsen IQ RMS for the RTDs category 12 months to 27.12.25 for the total
coverage market
5 Nielsen IQ RMS for the Energy category for 12 months to 27.12.25 for the
total coverage market.
6 As disclosed on our website
https://www.nicholsplc.co.uk/annual-reports-cats/2024/
Financial Review
REVENUE
Group revenue increased by 1.3% to £175.1m (2024: £172.8m). We continued to
perform well within our Packaged business, with sales up by 1.8%, driven by
growth in the UK Packaged where sales increased by 3.1% versus 2024.
International Packaged sales were broadly flat following the success of the
ongoing strategic shift towards a margin enhancing, but lower revenue,
concentrate model across West Africa. As a result of the concentrate model
shift in West Africa, like-for-like sales increased by 9.4% in that region.
Revenue in our OoH business was broadly flat at £39.9m (2024: £40.0m)
following the exit from our Starslush brand, in line with our strategy to
simplify the OoH business.
GROSS PROFIT
Gross margins have remained strong with improvement driven by a robust focus
on cost management enhanced by the implementation of the new ERP system. In
our focus on enhancing gross margin, the Group has focused on mitigating
inflationary pressures, effective purchasing, value engineering and, where
appropriate, increased sales pricing.
As a result of these decisions, gross margin increased to 46.1% (2024: 45.7%),
whilst absolute gross profit improved by 2.2% to £80.7m (2024: £79.0m).
DISTRIBUTION EXPENSES
Distribution expenses remained broadly consistent with last year at £10.3m
(2024: £10.2m), despite an overall volume increase in the UK Packaged and
International Packaged businesses due to careful cost control.
ADMINISTRATIVE EXPENSES
Administrative expenses (excluding exceptional items) decreased in the year by
£1.1m to £38.7m. This has been driven by phasing of our marketing spend
within our International and Out of Home markets, with further savings on
overheads through careful cost control, in the face of rising payroll and
staff-related costs in response to cost-of-living pressures.
Including exceptional items of £4.4m (related primarily to the business
change programme and systems development as detailed below), administrative
expenses were £43.1m (2024: £47.2m).
EXCEPTIONAL ITEMS
The Group has incurred £4.4m of net exceptional costs during the year (2024:
£7.4m), almost entirely attributable to the investment made in our business
change programme and systems development (detailed below) which is now
complete.
Business change programme and systems development
The Group commenced a project in 2022 to identify the potential benefits from
replacing current operational and IT processes and systems, which were
reaching the end of their planned life, with a cloud-based integrated
Enterprise Resource Planning (ERP) solution. During 2024, this project
continued to progress well, as we completed the design, build and testing of
the systems and processes. Costs of £4.4m (2024: £7.6m) have been incurred
throughout the year in completing this work with the system 'going-live' in
March 2025. The Group incurred further costs in relation to post go-live
support until the end of July and additional build and customisation until the
end of 2025. No further exceptional costs are expected in relation to the
programme or systems in 2026. Due to the nature of these charges, the Group is
treating the costs as exceptional
Out of Home strategic review and restructuring
In 2022 the Group completed a strategic review into its OoH business following
a number of changes to the market it serves. This review included an
assessment of customer and product profitability and the identification of
opportunities to raise operating margins. The changes arising from this review
were finalised during 2025 with a charge of £31k being recognised. This
restructuring was one-off in nature and was treated as exceptional. The review
is now fully concluded.
SEGMENTAL PERFORMANCE
The Group's Packaged business achieved revenue growth of 1.8% versus 2024,
driven by our UK Packaged business (+3.1%) where we have seen growth across
our 4 key sub-categories. Our International Packaged revenue remained broadly
flat. Middle East revenue declines, driven by phasing of concentrate
shipments, were offset by strong growth in both Africa and Rest of World
markets. Overall Packaged profit growth was strong, with adjusted operating
profit increasing by £3.3m (+8.0%) to £43.9m (2024: £40.6m).
The OoH business saw revenues remain broadly consistent with 2024 at £39.9m
(2024: £40.0m), reflecting the continued strategic exits of the Starslush
brand as part of the OoH Strategic Review. The absolute profitability of the
business saw significant improvement in the prior year as a consequence of
reducing the cost base and focusing resources more efficiently within OoH,
which the group has been able to maintain in 2025. Adjusted operating profit
therefore remained consistent at £7.0m (2024: £6.8m).
Central costs increased in the year to £19.2m (2024: £18.6m). The majority
of this increase was in employment costs, reflecting both cost‑of‑living
increases and investment into additional capability and skills within the
Group.
INTEREST INCOME
Net finance income of £1.9m (2024: £2.5m) has been received during the year,
with the decrease due to lower deposits following a special dividend in 2024
and falling interest rates.
ADJUSTED OPERATING PROFIT, PROFIT BEFORE TAX, PROFIT BEFORE TAX AND TAX RATE
Adjusted operating profit (excluding exceptional items) increased by 9.9% to
£31.7m (2024: £28.9m). Adjusted profit before tax (excluding exceptional
items) increased by 7.0% to £33.6m (2024: £31.4m) and profit before tax
(including exceptional items) increased by 21.5% to £29.2m (2024: £24.0m).
The effective tax rate for the year has increased to 26.5% (2024: 25.6%).
ADJUSTED EARNINGS PER SHARE AND EARNINGS PER SHARE
Adjusted earnings per share ('adjusted EPS') increased by 5.5% from 64.02p to
67.53p. Earnings per share were 58.67p (2024: 48.84p).
CASH AND CASH EQUIVALENTS AND BALANCE SHEET
The Group's cash generated from operating activities remained strong at
£21.0m (2024: £23.0m) and our cash conversion performance was 102% (2024:
77%). Our free cash flow, after the payment of tax and capital expenditure,
was down £4.0m at £13.8m (2024: £17.8m). The reduction in free cash flow,
despite an increase in cash conversion, is driven by a timing difference in
working capital and is expected to unwind in H1 2026. Capital expenditure in
the period was slightly higher than in 2024 at £1.0m (2024: £0.9m), with the
increase largely a result of operational and quality enhancements at our
Ross-on-Wye manufacturing facility.
Overall, after the payment of dividends totalling £11.7m (2024: £11.2m
ordinary dividend and a special dividend of £20.0m), net cash increased by
£2.0m to £55.7m (2024: decrease of £13.3m to £53.7m). The Group retains
substantial cash resources to fund investment in its forward strategic growth
plans whilst balancing shareholder returns.
The Group's adjusted return on capital employed increased to 34.1% (2024:
31.0%). Return on capital employed was 29.4% (2024: 23.1%).
Andrew Milne
Chief Executive Officer
11 March 2026
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2025
2025 2024
£'000 £'000
Continuing operations
Revenue 175,054 172,809
Cost of sales (94,389) (93,855)
Gross profit 80,665 78,954
Distribution expenses (10,256) (10,214)
Administrative expenses (43,146) (47,249)
Other income 42 -
Operating profit 27,305 21,491
Finance income 2,054 2,660
Finance expense (169) (117)
Profit before taxation 29,190 24,034
Taxation (7,748) (6,196)
Profit for the year 21,442 17,838
Earnings per share (basic) 58.67p 48.84p
Earnings per share (diluted) 58.33p 48.81p
Adjusted for exceptional items
Operating profit 27,305 21,491
Exceptional items 4,405 7,370
Adjusted operating profit 31,710 28,861
Profit before taxation 29,190 24,034
Exceptional items 4,405 7,370
Adjusted profit before taxation 33,595 31,404
Adjusted earnings per share (basic) 67.53p 64.02p
Adjusted earnings per share (diluted) 67.14p 63.98p
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2025
2025 2024
£'000 £'000
Profit for the financial year 21,442 17,838
Items that will not be reclassified subsequently to profit or loss
Re-measurement of net defined benefit surplus (223) (434)
Deferred taxation on pension obligations and employee benefits 17 95
Other comprehensive expense for the year (206) (339)
Total comprehensive income for the year 21,236 17,499
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2025
2025 2024
ASSETS £'000 £'000
Non-current assets
Property, plant and equipment 10,860 8,743
Intangibles 163 175
Pension surplus 3,561 3,721
Total non-current assets 14,584 12,639
Current assets
Inventories 8,726 9,322
Trade and other receivables 52,515 44,340
Cash and cash equivalents 55,736 55,185
Total current assets 116,977 108,847
Total assets 131,561 121,486
LIABILITIES
Current liabilities
Borrowings - 1,512
Trade and other payables 31,675 33,271
Corporation tax payable 516 243
Total current liabilities 32,191 35,026
Non-current liabilities
Other payables 3,607 1,672
Deferred tax liabilities 1,011 743
Total non-current liabilities 4,618 2,415
Total liabilities 36,809 37,441
Net assets 94,752 84,045
EQUITY
Share capital 3,697 3,697
Share premium reserve 3,255 3,255
Capital redemption reserve 1,209 1,209
Other reserves 3,672 2,471
Retained earnings 82,919 73,413
Total equity 94,752 84,045
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2025
2025 2024
£'000 £'000 £'000 £'000
Cash flows from operating activities
Profit for the financial year 21,442 17,838
Adjustments for:
Depreciation and amortisation 2,118 1,909
(Profit)/loss on sale of property, plant and equipment (55) 52
Interest received (2,054) (2,480)
Interest paid 169 117
Tax expense recognised in the income statement 7,748 6,196
Decrease/(increase) in inventories 596 (513)
Increase in trade and other receivables (8,191) (2,984)
(Decrease)/increase in trade and other payables (2,168) 2,549
Charge for share-based payments 1,255 272
Movement in ESOT (54) -
Change in pension obligations and employee benefits 133 39
Fair value loss/(gain) on derivative financial instruments 16 37
(487) 5,194
Cash generated from operating activities 20,955 23,032
Tax paid (7,200) (6,131)
Net cash generated from operating activities 13,755 16,901
Cash flows from investing activities
Interest received 1,858 2,480
Proceeds from sale of property, plant and equipment 221 18
Acquisition of property, plant and equipment (957) (851)
Acquisition of intangible assets (55) -
Net cash from investing activities 1,067 1,647
Cash flows from financing activities
Payment of lease liabilities (859) (755)
Interest paid (including lease interest) (169) -
Dividends paid (11,731) (31,153)
Net cash used in financing activities (12,759) (31,908)
Net increase/(decrease) in cash and cash equivalents 2,063 (13,360)
Exchange gain on cash and cash equivalents - 3
Cash and cash equivalents at 1 January 53,673 67,030
Cash and cash equivalents at 31 December 55,736 53,673
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
As at 31 December 2025
Called up share capital Share premium reserve Capital redemption reserve
£'000 £'000 £'000 Other reserves Retained earnings Total
£'000 £'000 equity
£'000
At 1 January 2024 3,697 3,255 1,209 1,845 87,336 97,342
Movement in ESOT - - - 23 - 23
Credit to equity for equity-settled share-based payments - - - 603 - 603
Share option exercise - - - - (272) (272)
Dividends - - - - (31,153) (31,153)
Transactions with owners - - - 626 (31,425) (30,799)
Profit for the year - - - - 17,838 17,838
Other comprehensive expense - - - - (339) (339)
Currency translation - - - - 3 3
Total comprehensive income - - - - 17,502 17,502
At 1 January 2025 3,697 3,255 1,209 2,471 73,413 84,045
Movement in ESOT - - - (54) 1 (53)
Charge for share-based payments - - - 1,255 - 1,255
Dividends - - - - (11,731) (11,731)
Transactions with owners - - - 1,201 (11,730) (10,529)
Profit for the year - - - - 21,442 21,442
Other comprehensive expense - - - - (206) (206)
Total comprehensive income - - - - 21,236 21,236
At 31 December 2025 3,697 3,255 1,209 3,672 82,919 94,752
NOTES
1. Basis of Preparation
The preliminary financial information does not constitute statutory accounts
for the financial years ended 31 December 2025 and 31 December 2024 but has
been derived from those accounts. The accounting policies remained unchanged
from those set out in the 2024 Annual Report and Accounts.
Statutory accounts for 2024 have been delivered to the Registrar of Companies
and those for the financial year ended 31 December 2025 will be delivered
following the Group's Annual General Meeting. The auditors have reported on
those accounts and their reports were unqualified, did not draw attention to
any matters by way of emphasis, and did not contain a statement under 498(2)
or 498(3) of the Companies Act 2006.
2. Use of estimates and judgements
The preparation of financial statements requires management to make estimates,
judgements and assumptions that affect the application of accounting policies
and the reported amounts of assets, liabilities, income and expenses. Due to
the nature of estimation, the actual outcomes may differ from these estimates.
Carrying value of brand support accruals
The Group incurs significant costs in the support and development of the
Group's brands. Recorded within accruals are amounts related to Discounts,
Rebates, Promotional Costs and Brand Support Arrangements. The majority of
costs incurred on these arrangements have been settled at 31 December 2025,
however certain judgement is required in determining the level of closing
accrual required at a year end for promotions and brand support campaigns that
either span two financial years or where the costs have not been fully settled
by the year end date.
In order to comply with the Groceries Supply Code of Practice (GSCOP) and the
Forensic Auditing: Retailer Voluntary Commitment (FVARC), brand support
accruals for designated retailers are held for up to 3 years, being the
necessary 2 years plus an additional year to allow for any differing
accounting periods of the designated retailers.
Promotions and brand support campaigns comprise:
Long term discounts and rebates
· Fixed: a defined amount over a period of time
· % of net revenue: a percentage of net revenue, which may have
associated hurdle rates
Short term promotional discounts
Promotional discounts consist of many individual rebates across numerous
customers and represent the cost to the Group of short-term deal mechanics.
The common deals typically include price reductions for specific SKUs during a
promotional period.
To provide an amount for these brand support accruals at the end of a period
requires a degree of estimation supported by historical data and experience.
The accruals are calculated using the expected value approach with key
judgements being redemption rates and sell in/sell out timing.
Retro promotions are recorded based on sales data, of sales to Nichols'
customers. Nichols' Customers claim based on their sales data to their
customers. Management therefore make a judgement on the redemption rate to
account for this difference in policy. The introduction of the new Trade
Promotion Management system will provide management with better data for
calculating estimates.
As part of the calculations of the Accruals at 31 December 2025, management
have considered various sensitivities against redemption rates which is a key
judgement. An increase of 5% to redemption rates results in an increase of
£140,000 to the accrual whereas a decrease of 5% to redemption rates results
in a decrease of £140,000 to the accrual.
Defined benefit obligations
Accounting for retirement benefit schemes under IAS 19 requires an assessment
of future benefits payable in accordance with actuarial assumptions. The
assumptions include discount rate, inflation, pension and salary increases,
expected return on scheme assets, mortality and other demographic assumptions
which represent a key source of estimation uncertainty for the Group.
3. Going Concern
In assessing the appropriateness of adopting the going concern basis in
preparing the Annual Report and Accounts, the Directors have considered the
current financial position of the Group and its principal risks and
uncertainties. The review performed considers severe but plausible downside
scenarios that could reasonably arise within the period as well as a stress
test model.
Our modelling has sensitised the impacts of ongoing geopolitical uncertainty,
including in the Middle East, in particular the disruption to global supply
chains and the impact on macroeconomic inflationary factors. Alternative
scenarios, including the potential impact of key principal risks from a
financial and operational perspective, have been modelled with the resulting
implications considered. In all cases, the business model remained robust. The
Group's diversified business model and strong balance sheet provide resilience
against these factors and the other principal risks that the Group is exposed
to. At 31 December 2025 the Group had cash and cash equivalents of £55.7m
with no external bank borrowings.
On the basis of these reviews, the Directors consider the Group has adequate
resources to continue in operational existence for the foreseeable future
(being at least one year following the date of approval of the Annual Report
and Accounts) and, accordingly, consider it appropriate to adopt the going
concern basis in preparing the financial statements.
4. Segmental Reporting
The Board, as the entity's chief operating decision maker, analyses the
Group's internal reports to enable an assessment of performance and allocation
of resources. The operating segments are based on these reports.
The accounting policies of the reportable segments are the same as the Group's
accounting policies. Segment performance is evaluated based on adjusted
operating profit (excluding exceptional items), finance income and exceptional
items. This is the measure reported to the Board for the purpose of resource
allocation and assessment of segment performance.
Packaged comprises the Group's manufactured concentrate and packaged bottle
and can sales for distribution through grocery stores, wholesalers,
convenience stores and independent retailers. Out of Home comprises the
Group's postmix soft drinks, premium mixers and ICEE frozen drinks for
consumption out of home.
Year ended Packaged
31 December 2025 UK Middle East Africa Rest of World Total Packaged Out of Home Total Segments Central(1) Total Group
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Revenue 91,976 12,008 21,974 9,232 135,190 39,864 175,054 - 175,054
Gross profit 65,138 15,732 80,870 (205) 80,665
Adjusted operating profit 43,871 6,989 50,860 (19,150) 31,710
Net finance income 1,885
Adjusted profit before tax 33,595
Exceptional items (4,405)
Profit before tax 29,190
Year ended Packaged
31 December 2024 UK Middle East Africa Rest of World Total Packaged Out of Home Total Segments Central(1) Total Group
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Revenue 89,222 14,213 20,793 8,593 132,821 39,988 172,809 - 172,809
Gross profit 62,821 16,214 79,035 (81) 78,954
Adjusted operating profit 40,626 6,835 47,461 (18,600) 28,861
Net finance income 2,543
Adjusted profit before tax 31,404
Exceptional items (7,370)
Profit before tax 24,034
(1) Central includes the Group's central and corporate costs, which relate to
salaries and head office overheads such as rates, insurance and IT maintenance
as well as the costs associated with the Board and Executive Leadership Team,
Governance and Listed Company costs.
A geographical split of revenue is provided below:
Year ended Year ended
31 December 2025 31 December 2024
£'000 £'000
Geographical split of revenue
Middle East 12,008 14,213
Africa 21,974 20,793
Rest of the World 9,232 8,950
Total exports 43,214 43,956
United Kingdom 131,840 128,853
Total revenue 175,054 172,809
5. Exceptional items
Year ended Year ended
31 December
31 December
2025
2024
£'000 £'000
Out of Home Strategic Review and Restructuring 31 (34)
Business Change Programme and Systems Development 4,374 7,603
Historic incentive scheme - (199)
4,405 7,370
The Group incurred £4.4m of exceptional costs during the year (2024: £7.4m).
Business Change Programme and Systems Development
The Group commenced a project in 2022 to identify the potential benefits from
replacing current operational and IT processes and systems, which were
reaching the end of their planned life, with a cloud-based integrated
Enterprise Resource Planning (ERP) solution. During 2025 this project was
completed and the system went live in March. Costs of £4.4m (2024: £7.6m)
have been incurred in completing this work. Due to the nature of these
charges, the Group is treating the costs as exceptional. This project ended
during the year, therefore no future costs are expected to be classified as
exceptional.
Historic Incentive Scheme
During 2022 the Group finalised the treatment of a historic incentive scheme
with HM Revenue and Customs and agreed to pay a sum in settlement of
additional tax and interest liabilities. The Group also commenced the process
of the recovery of debts from current and former employees who had indemnified
the Company. A reserve was put in place to provide against the potential
irrecoverability of some of these debts. Progress has been made in the
collection of outstanding amounts throughout 2025 and will continue into 2026.
Out of Home Strategic Review and Restructuring
In 2022 the Group completed a strategic review into its OoH business following
a number of changes to the market it serves. This review included an
assessment of customer and product profitability and the identification of
opportunities to raise operating margins. The changes arising from this review
were finalised during 2025 with a charge of £31k being recognised. This
restructuring was one-off in nature and was treated as exceptional. The review
is now fully concluded.
Due to the one-off nature of these charges, the Board treated these items as
exceptional costs and their impact was removed in all adjusted measures
throughout this report.
6. Earnings Per Share
Basic earnings per share is calculated by dividing the Group's profit after
tax for the year by the weighted average number of
ordinary shares in issue during the financial year. The weighted average
number of ordinary shares is calculated by adjusting
the shares in issue at the beginning of the period, excluding any treasury
shares and shares in the ESOT of 36,522,489 for
the following:
• Shares bought back or issued during the period which was 41,386
• Multiplied by a time-weighting factor to get an adjustment of 25,190
This gives a weighted average number of shares of 36,547,679.
Diluted earnings per share is calculated by adjusting the weighted average
number of ordinary shares in issue assuming the
conversion of all potentially dilutive ordinary shares.
The earnings per share calculations for the period are set out in the table
below:
Earnings Weighted average number of shares Earnings
£'000 per share
31 December 2025
Basic earnings per share 21,442 36,547,679 58.67p
Dilutive effect of share options 211,127
Diluted earnings per share 21,442 36,758,806 58.33p
Adjusted earnings per share before exceptional items has been presented in
addition to the earnings per share as defined in IAS 33 Earnings per share
since, in the opinion of the Directors, this provides shareholders with a more
meaningful representation of the earnings derived from the Group's operations.
It can be reconciled from the basic earnings per share as follows:
Earnings Weighted average number of shares Earnings
£'000 per share
31 December 2025
Basic earnings per share 21,442 36,547,679 58.67p
Exceptional items after taxation 3,238
Adjusted basic earnings per share 24,680 36,547,679 67.53p
Diluted effect of share options 211,127
Adjusted diluted earnings per share 24,680 36,758,806 67.14p
7. Property, plant and equipment and Intangibles
Property,
Plant &
Equipment Intangibles
£'000 £'000
Cost
At 1 January 2025 27,162 9,998
Additions 4,384 55
Disposals (1,833) -
At 31 December 2025 29,713 10,053
Depreciation and Amortisation
At 1 January 2025 18,419 9,823
Charge for the period 2,052 67
Disposals (1,617) -
At 31 December 2025 18,853 9,890
Net book value
At 31 December 2024 8,743 175
At 31 December 2025 10,860 163
8. Defined Benefit Pension Scheme
The Group operates a defined benefit plan in the UK. A full actuarial
valuation was carried out on 5 April 2023 and approximately updated to 31
December 2025 by an independent qualified actuary.
A summary of the pension surplus position is provided below:
Pension surplus £'000
At 1 January 2025 3,721
Current service cost (7)
Scheme administrative expenses (133)
Net interest income 196
Actuarial losses (223)
Contributions by employer 7
At 31 December 2025 3,561
Related deferred tax liability (890)
Net surplus recognised 2,671
The Trust Deed provides Nichols plc with an unconditional right to a refund of
surplus assets assuming IFRIC 14 paragraph 11(b). Furthermore, in the ordinary
course of business, the Trustee has no rights to unilaterally wind up, or
otherwise augment the benefits, due to members of the scheme. Based on these
rights, the net surplus has been recognised in full as at 31 December 2025.
9. Dividends
The final dividend proposed is 18.7p. Subject to shareholder approval, the
final dividend will be paid to all shareholders on the register at 20 March
2026, with an ex-dividend date of 19 March 2026.
10. Cash and cash equivalents
Group At 1 January 2024 Cash flow At 31 December 2025
£'000
£'000
£'000
Cash and cash equivalents 55,185 551 55,736
Current borrowings (1,512) 1,512 -
Net cash 53,673 2,063 55,736
Included within cash at bank and in hand are short-term deposits of
£22,526,322 (2024: £32,286,000) that are readily convertible to known
amounts of cash.
The Group operates set off arrangements with Royal Bank of Scotland PLC to
facilitate the day-to-day management of cash. The Group has presented the
amounts held within the set off arrangement on a gross basis without netting
off individual accounts that are in credit or overdrawn.
Annual Report and Accounts
The Annual Report and Accounts will be mailed to shareholders and made
available on our website during March 2026. Copies will be available after
that date from: The Secretary, Nichols plc, Laurel House, Woodlands Park,
Ashton Road, Newton-le-Willows, WA12 0HH.
Cautionary Statement
This Preliminary Report has been prepared solely to provide additional
information to shareholders to assess the Group's strategies and the potential
for those strategies to succeed. The Preliminary Report should not be relied
on by any other party or for any other purpose.
-Ends-
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