Soft drinks maker Nichols has reported a 3.5% increase in total group revenue to £170.7 million (€198.4 million) in its financial year 2023.
The Vimto-maker expects adjusted profit before tax (adjusted PBT) above current market expectations, the company said in a trading update,
Andrew Milne, chief executive officer of Nichols added, "Nichols has delivered a strong performance in FY 2023, making good progress against our strategic plans and achieving a PBT outcome ahead of market expectations.
"This is a great testament to the strength of the group's business model and brands, with our established UK position complemented by strong momentum internationally. Looking ahead into 2024, we remain focused on continuing to implement our strategic plans and delivering further progress against our long term ambitions."
Annual Highlights
Nichols noted that trading in the second half of 2023 continued to progress well and in accordance with its growth strategy.
The company's packaged business saw sales growth of 6.1% during the year, with strong performance in its international business as export sales grew by 16.8%.
The restructuring of its out-of-home business delivered benefits earlier than expected, according to the company.
Nichols retained its gross margins despite considerable inflationary pressures in early 2023.
An analyst note by Singer Capital Markets described the performance as 'a highly pleasing outcome given various headwinds over 2023' and noted that Nichols turned the corner following a difficult few years.
Non-Executive Director
The soft drinks firm also announced that Matthew (Matt) Nichols has joined its board as a non-executive director.
It is pursuant to the terms of the relationship agreement between Nichols plc and the Nichols family, which entitles the family to two non-executive board positions.
Matthew (Matt) Nichols joined the company in September 2006 and has held several senior roles within the group.
He currently serves as commercial director of the company's international packaged business and is a member of the senior leadership team.
