Vimto firm Nichols ups H1 revenue 7% to £85m

Shares of Merseyside-based Vimto and soft drinks firm Nichols plc rose about 5% after it said its revenue increased 6.6% to £85.5 million in the half year ended June 30, 2023, and adjusted profit before tax, pre-exceptional items, increased 9.1% to £12.3 million.

The firm said its adjusted profit before tax for FY 2023 will be in line with expectations.

Interim dividend will rise 1.6% to 12.6p.

The group achieved significant strategic progress during the period, particularly in relation to our Out of Home business where we are making positive changes to simplify operations and focus on the areas of greatest opportunity and profitability.

“We are on-track to deliver the material benefits of these changes from FY 2024. Meanwhile, we remain focused on accelerating growth in Packaged, both in the UK and internationally, in line with our strategic plan.

We are mindful that consumer spend is still under pressure from continuing high levels of inflation.

“However, the group’s track record, strong brands and diversified business model, alongside the resilience of the wider soft drinks market, support the board’s confidence in the group’s long-term growth prospects, and that the group’s adjusted PBT for FY 2023 will be in line with expectations.”

FY23 expectations refers to a group compiled market consensus for adjusted PBT of £25.2 million.