Vimto firm Nichols ups H1 revenue 19% to £80m

Merseyside-based Vimto and soft drinks firm Nichols plc reported that its revenue rose 19.1% to £80.2 million in the half year ended June 30, 2022, and profit before tax rose 17% to £10.1 million.

Interim dividend will rise 26.5% to 12.4p.

Nichols’ other brands include Slush Puppie, Feel Good, Starslush, ICEE, Levi Roots and Sunkist.

Nichols chairman John Nichols said: “I’m pleased to report an encouraging financial performance in the first half of the year with 27% increases to both adjusted PBT and the half year dividend.

“In the UK, the Vimto brand continues to outperform the broader squash market, and the group’s Out of Home route to market experienced good growth as the wider leisure sector continues to recover from the impact of the pandemic.

“After some disruption to shipments affecting our International business in Q1, I am pleased to report a recovery in Q2 which has so far continued into the second half of the year.

“Whilst the group is not immune to the significant and accelerating inflationary pressures impacting the consumer and the soft drinks market, we have taken swift mitigating actions where possible and the group’s adjusted PBT expectations for the full year remain unchanged.

“The board remains mindful of the potential earnings impact of continued inflation into FY23 and beyond.

“We have a long-term track record of growth, a proven, diversified strategy, and a quality range of brands.

“All of this is underpinned by a strong balance sheet.

“As a result, the board remains confident that the group is well positioned to deliver its long-term growth plans.”

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