Nichols PLC AGM Trading Update (7763W)
April 28 2021 - 2:00AM
UK Regulatory
TIDMNICL
RNS Number : 7763W
Nichols PLC
28 April 2021
Nichols plc
(the "Company" or "Group')
AGM Trading Update
Positive start to the year with continued outperformance of the
Vimto brand offset by expected declines in Out of Home revenues as
a result of UK lockdown.
Nichols plc, the diversified soft drinks Group, provides the
following trading update for the 3 months to 31 March 2021 ("the
period"), to coincide with the Company's Annual General Meeting
taking place later today.
Strong growth achieved by the Vimto brand in the UK and a solid
start to the year for the Group's International business have
largely offset significant declines in the UK Out of Home ("OoH")
route to market. As a result, total Group revenue in the period
decreased by only 5.9% to GBP30.7m against the prior year, despite
the impact of the UK lockdown.
The Vimto brand has continued to outperform the wider UK soft
drinks market, achieving growth of 4.9%1 in value terms in the year
to date ("YTD"), versus 3.2%1 value growth across the wider UK soft
drinks market. Across the Group's International markets, the strong
momentum reported in the prior year has continued.
Trading since the year end has remained very challenging in the
Group's OoH route to market. Revenues in OoH were 91.9% lower in
the period than those seen in the same period of 2020, as most of
the Group's customers' outlets remained closed.
Despite the financial challenges posed by the ongoing pandemic,
cash and cash equivalents at the end of the period remained strong
at GBP43.1m (31 December 2020: GBP47.3m).
2021 Outlook
The Board is confident that the Group, underpinned by the
strength of the Vimto brand and the Group's diversified business
model, remains well placed to deliver its long-term strategic
ambitions.
Should the UK Government's planned roadmap out of lockdown
continue, and assuming the absence of further lockdowns later in
the year, the Board expects full year adjusted profit before tax2
(PBT) to be broadly in line with current market expectations3.
1 Nielsen Total Coverage Year to Date 27.03.2021
2 Excluding Exceptional items
3 Current market expectations refer to a Group compiled
consensus for FY21 of adjusted PBT GBP18.9m (FY20 Actual
GBP11.6m)
Contacts
Andrew Milne, Group Chief Executive Officer
David Rattigan, Group Chief Financial Officer
Nichols plc
Telephone: 0192 522 2222
Website: www.nicholsplc.co.uk
Alex Brennan / Elfie Kent Steve Pearce / Rachel Hayes
Hudson Sandler N+1 Singer (Nominated Adviser
and Broker)
Telephone: 0207 796 4133 Telephone: 0207 496 3000
Email: nichols@hudsonsandler.com Website: www.n1singer.com
Notes to Editors:
Nichols plc is an international soft drinks business with sales
in over 85 countries, selling products in both the Still and
Carbonate categories. 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
Feel Good, Starslush, ICEE, Levi Roots and Sunkist.
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END
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