REG - Nichols PLC - AGM Trading Update

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RNS Number : 2082B  Nichols PLC  21 April 2026

(the "Company" or "Group")

AGM Trading Update

Positive start to the year; trading in line with expectations and full-year
guidance reiterated

 

Nichols plc, the diversified soft drinks Group, provides the following trading
update for the three months to 31(st) March 2026 ("the Period"), to coincide
with the Company's Annual General Meeting ("AGM") taking place later today.

Group revenue grew 4.3% year-on-year in the Period to £41.0m (2025: £39.3m),
an encouraging start to the year in-line with the Board's expectations.

Total Packaged revenues grew by 5.6% driven by pleasing performances in both
the UK and International markets.

UK Packaged revenues increased by 3.8% to £22.1m (2025: £21.3m), reflecting
a continued focus on innovation which is expected to continue to contribute
positively in the year ahead.

International Packaged revenues increased by 11.1% to £10.0m (2025: £9.0m),
with growth driven almost entirely by West Africa. This strong performance is
being delivered through a combination of accelerated can export sales and the
ongoing shift to a concentrate model. This was partially offset by lower
Middle East revenues, as planned, due to the timing of shipments which are
weighted towards the second half of the year.

Out of Home revenues decreased by 3.3% to £8.7m (2025: £9.0m), in line with
expectations, driven entirely by the planned exit of the lower-margin
Starslush business and a strategic focus on profitability.

The Group retains a very strong balance sheet with net cash and cash
equivalents at the end of the Period of £59.8m (31 December 2025: £55.7m).
This increase reflects year-end movements in working capital unwinding as
expected, as well as the conclusion of investment in the business change
programme.

Board

As previously announced, Matthew Rothwell joined the Group as Chief Financial
Officer on 13 April 2026 and is expected to join the Board following
shareholder approval at today's AGM.

Outlook

The Group's FY26(1) revenue and adjusted PBT(1) expectations are unchanged.

The Board continues to monitor developments arising from the conflict in the
Middle East, which may lead to some volatility in supply chains and key input
costs. While there has been no material impact on the business to date, the
Group is taking proactive steps to manage potential disruption, with
mitigation plans in place and some near-term protection against cost inflation
in H1 through contractual cover.

As previously indicated, the International Packaged business is expected to be
weighted towards the second half of the year, driven primarily by the timing
of concentrate shipments to Africa and, to a lesser extent, the timing of
shipments to the Middle East, which commence later in the year, principally as
a result of the phasing of Ramadan. This will impact the half-year profile. As
a result, the Group expects performance to be weighted towards the second half
with first half profitability expected to be modestly below the prior year.
Full year expectations remain unchanged with positive trading momentum set to
continue as we complete Phase 2 of our concentrate model shift.

Underpinned by the strength of the Vimto brand, the Group's diversified and
asset-light business model and clear growth strategy, the Group is well
positioned to deliver continued profitable growth in line with its medium-term
financial and strategic ambitions.

Andrew Milne, Chief Executive Officer of Nichols, commented:

"We are pleased to have delivered a strong start to the year, with continued
revenue growth and further strategic progress in Q1. Our UK Packaged business
performed well driven by successful innovation and clear execution against the
strategic priorities outlined at our 2024 Capital Markets Day.

In the International Packaged business, our planned strategic shift towards a
higher margin concentrate model in several of our West African markets is
delivering a step change in margins and positions us well to deliver
long-term, profitable growth. Whilst the Middle East conflict has had a
limited impact on performance to date, we are taking proactive steps to manage
potential disruption, with contingency plans in place to mitigate any
associated commodity cost inflation. Our distribution routes do not have
direct exposure to the most affected shipping corridors in the region.

I am delighted to have welcomed Matt Rothwell into the business as our new
CFO, providing considerable experience and expertise, and we look forward to
benefitting from this during the years ahead.

We continue to expect growth and performance in FY26 in line with market
expectations as we execute our strategic priorities and deliver further
progress towards our medium-term financial and strategic ambitions."

( )

(1) FY26 expectations refer to a Group compiled market consensus of Revenue
£183.1m and adjusted PBT £35.3m

 

 

Contacts

 Nichols plc                                                 Telephone: 0192 522 2222

 Andrew Milne, Chief Executive Officer

 Matthew Rothwell, Chief Financial Officer

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

 Jen Boorer / Sara Hale                                      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/)

 

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