Vimto firm Nichols ups profit 75%, revenue tops £170m

Shares of Merseyside-based Vimto and soft drinks firm Nichols plc rose about 6% after it published 2023 results showing profit before tax soared 75.3% to £24.3 million as revenue rose 3.5% to £170.7 million.

Total dividend will rise 1.8% to 28.2p.

Nichols is an international diversified soft drinks business with sales in over 73 countries. The Vimto brand is popular in the UK and around the world, particularly in the Middle East and Africa.

Other brands in the Nichols portfolio include SLUSH PUPPiE, Starslush, ICEE, Levi Roots and Sunkist.

On current trading and uutlook, Nichols said: “2024 trading has started well, with a performance in line with management expectations …

“The company remains confident in its ability to deliver further strategic progress across its business in FY24.”

Nichols plc CEO Andrew Milne said: “2023 was a year of strong progress and execution for Nichols, as the Packaged business delivered another year of growth underpinned by the Vimto brand, and benefits from the newly streamlined OoH (Out of Home) business were delivered earlier than anticipated.

“The group delivered a very strong performance in international markets driven by strong market penetration across existing and new territories in Africa and the Middle East.

“Innovation remained a critical growth driver and we have an exciting pipeline of new products planned for 2024.

“Building on the progress achieved in 2023, I am confident about our prospects for 2024 and the well-defined strategy we have in place to drive further growth.

“Our diversified business model provides the foundation for continued success, reinforced by our well-established portfolio of owned and licensed brands, the close partnerships we have with our suppliers and customers and our long-term strategic focus.

“These strengths, coupled with a resilient soft drinks market and the dedication of our people, will enable us to continue to deliver value to shareholders.”