REG - Nichols PLC - AGM Trading Update

NicholsAnnouncement

24/04/2024 07:00

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RNS Number : 7719L  Nichols PLC  24 April 2024

 

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 PBT(1) expectations for
FY24(2) remain unchanged.

 

1 Excluding exceptional items

2 FY24 expectations refers to a Group compiled market consensus of adjusted
PBT £28.8m

 

 

 

Nichols plc                                       Telephone: 0192 522 2222

 Andrew Milne, Chief Executive Officer

 Richard Newman, Chief Financial Officer

 Singer Capital Markets (NOMAD & Broker)           Telephone: 0207 496 3000

 Steve Pearce / Jen Boorer                         Website: www.singercm.com (http://www.singercm.com/)

 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:

 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
 (http://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.

 

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
(http://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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