Merseyside-based Vimto and soft drinks firm Nichols plc announced at its AGM on April 26 that chief financial officer David Rattigan has resigned from the board and will leave the group at the end of April 2023.
“The board has now commenced a search for a new CFO and shareholders will be updated in due course,” said Nichols.
“Gary Eden, group financial controller, who has been with the group for two and a half years, will assume the responsibilities of the finance function and will report to the board with the assistance of John Gittins, independent NED and chair of the audit committee.”
Chair John Nichols said “On behalf of the board, I would like to thank David for his contribution over the past three years.
“During this time we have made important strategic progress whilst having to navigate significant market headwinds and David has been instrumental in enabling the Company to achieve that.
“We wish him all the best for the future.”
Nichols also published a trading update for the three months to March 31, 2023.
Group revenue for the period increased by 4.2% year-on-year to £41.2 million.
“This positive performance reflected good progress in the group’s Packaged business, which saw revenues increase by 7.7% to £32.0m,” said Nichols.
“This was principally driven by an accelerated performance in the International Packaged route to market, where revenue grew by 20.1% as strong momentum in Africa continued from FY22.
“Within the UK Packaged route to market, the group saw revenue marginally ahead of the prior year as the business continued to progress its value over volume strategy.
“As expected, the group’s Out of Home (OoH) business has seen a slower start to 2023 than in the prior year, with revenues down 7.8% to £9.2m, as continued significant cost of living pressures are being experienced.
“Cash and cash equivalents at the end of the period remained strong at £55.7m (31 December 2022: £56.3m).”
In its outlook, Nichols said: “The group continues to take actions to mitigate the expected significant inflationary pressure in line with forecasts.
“The group’s adjusted PBT expectations for FY23 remain unchanged and the Board remains confident in its long-term strategic growth plans.”
As previously announced, Liz McMeikan has been appointed as the group’s next non-executive chair following the retirement from that role of John Nichols, who will remain on the board as a non-executive director.