REG - Nichols PLC - FY25 Trading Update

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RNS Number : 7630O  Nichols PLC  14 January 2026

14 January 2026

(the "Company" or the "Group")

FY25 Trading Update

Year of continued strategic progress with FY25 trading in line with market
expectations

Nichols plc, the diversified soft drinks Group, is pleased to provide the
following Trading Update for the 12 months to 31 December 2025 ("FY25").

Trading Update

Nichols delivered a year of further strategic progress during FY25 and expects
to report Revenue and Adjusted Profit Before Tax(1) ("Adjusted PBT") for the
year in line with current market expectations(2).

Group revenue increased by 1.3% to £175.0m(3) (FY24: £172.8m) as the
Company successfully moved to a lower revenue but margin enhancing concentrate
model in Africa. Packaged revenue increased by 1.5%(3) supported by revenue
growth of 2.6% in the Group's UK Packaged business. This reflected positive
performances across all key subcategories driven by both core products and new
product innovation.

International Packaged revenue was in line with FY24, with 2% growth on a
like-for-like(4) basis following the success of the ongoing strategic shift
towards a margin enhancing, but lower revenue, concentrate model across
several African markets. Africa performed ahead of expectations, with
like-for-like growth of 10%, partially offset by the Middle East due to the
phasing of shipments following an earlier Ramadan in 2025, as previously
announced.

Aligned to our strategy, Out of Home (OoH) revenue was consistent
year-on-year, following the exit of the low margin Starslush business and the
focus on driving profitability to contribute to Group bottom-line performance.

Gross margins remained strong, in line with last year, with inflationary
pressures offset by a disciplined and robust focus on cost management enhanced
by the implementation of the new ERP system.

The Group's balance sheet remains very strong and continues to grow. As at 31
December 2025, cash and cash equivalents were £55.8m (FY24: £53.7m) after
further investment in the Group's successful ERP implementation, which is now
completed. The Group will maintain a strong balance sheet and a progressive
dividend policy, with a commitment to return surplus cash to shareholders.

CFO appointment

As previously announced, Matt Rothwell will join the Group as Chief Financial
Officer in April, bringing with him significant and highly relevant experience
from financial leadership roles across a number of UK-listed consumer-facing
businesses. The Board is confident that his expertise and strategic insight
will be instrumental in supporting the Group's continued development and
growth.

Outlook

The Group continues to benefit from its asset-light, diversified business
model, with an established and strong UK market position complemented by
attractive growth opportunities across the International business.

Within the UK Packaged business, the Group remains focused on driving growth
through a combination of extending its core ranges whilst investing in
innovation and category expansion. In International, the Group is continuing
to develop in new and targeted markets with the ongoing shift to the
higher-margin concentrate model in Africa remaining a focus in the year ahead.

Given the strength of its financial position and clear growth opportunities in
the UK and internationally, the Group is confident in the outlook for 2026 and
remains well placed to deliver its stated medium-term strategic plans and
financial ambitions, driving value for shareholders.

Andrew Milne, Chief Executive Officer of Nichols, commented:

"During FY25 we continued to execute our strategic plans effectively. We
delivered meaningful progress in Africa as we continued our shift to a higher
margin concentrate model in key markets, while our focus on innovation
continues to appeal to new consumers in the Middle East. Our UK Packaged
business continues to deliver a strong performance, reflecting the enduring
appeal of the iconic Vimto brand and supported by new product development,
including our Wonderfuel squash proposition which launched in March.

"We have a number of exciting plans across our markets in the year ahead and
remain focused on driving further progress to deliver our stated medium-term
ambitions, leveraging the strength of the Vimto brand, the Group's diversified
business model and strong financial position."

 

(1) Before exceptional items

(2) FY25 consensus is management's aggregated view of analyst forecasts
(Revenue £178.8m and Adjusted PBT £33.1m)

(3) Unaudited

(4)  Like-for-like (LFL) converts new concentrate sales volumes into
equivalent can sales, enabling a consistent comparison

 

Contacts

 Nichols plc                                        Telephone: 0192 522 2222

 Andrew Milne, Chief Executive Officer

 Rebecca Hughes, Interim Finance Director
 Singer Capital Markets (NOMAD & Joint Broker)      Telephone: 0207 496 3000

 Jen Boorer / Sara Hale / Andrew Johnson            Website: www.singercm.com (http://www.singercm.com/)
 Berenberg (Joint Broker)                           Telephone: 0203 207 7800

 Clayton Bush / Alix Mecklenburg-Solodkoff          Website: www.berenberg.de (http://www.berenberg.de)
 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/)

 

 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/)

 

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/)

 

 

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