Soft drinks maker Nichols has reported a year of 'strong progress' in 2023 as the business was boosted by the good performance of its Vimto brand.
Nichols also benefitted from early positive results of its newly streamlined out-of-home business.
Andrew Milne, chief executive officer of Nichols, commented, "The group delivered a very strong performance in international markets driven by strong market penetration across existing and new territories in Africa and the Middle East.
"Innovation remained a critical growth driver and we have an exciting pipeline of new products planned for 2024."
Divisional Performance
Vimto reported revenue growth of 3.5%, with its overall packaged business witnessing growth of 6.1%.
The international packaged division registered revenue growth of 16.8% with a double-digit increase in all geographic segments.
In the UK, packaged revenue increased by 1.3%.
The out-of-home business saw a 3.4% decline in revenue, in line with the revised strategy after the implementation of restructuring measures.
Outlook 2024
Nichols added that trading in 2024 has 'started well', with performance in line with management expectations.
Milne stated, "Building on the progress achieved in 2023, I am confident about our prospects for 2024 and the well-defined strategy we have in place to drive further growth. Our diversified business model provides the foundation for continued success, reinforced by our well-established portfolio of owned and licensed brands, the close partnerships we have with our suppliers and customers, and our long-term strategic focus.
"These strengths, coupled with a resilient soft drinks market and the dedication of our people, will enable us to continue to deliver value to shareholders."
