Nichols PLC Trading Update (1296Y)
January 12 2022 - 1:00AM
UK Regulatory
TIDMNICL
RNS Number : 1296Y
Nichols PLC
12 January 2022
Nichols plc
(the "Company" or "Group')
Trading Update
Nichols plc, the diversified soft drinks Group, provides the
following trading update for the 12 months to 31 December 2021
("the period").
The Vimto brand has continued to deliver a strong performance.
In the UK, Vimto brand value has increased by 5.6% YTD, according
to Nielsen as at 4 December 2021. In the International route to
market the brand continued to see progress year-on-year, with
strong double digit revenue growth versus the prior year.
The Group's Out of Home ("OoH") route to market continues to
recover from the impact of the pandemic and has seen growth of
77%(1) year-on-year. However versus FY19, OoH revenues remain
significantly down (31%(1) ).
In line with the Board's expectations, total Group revenue
during the period increased by 22%(1) to GBP144.3m(1) , broadly in
line with FY19 levels.
The Group expects to report Adjusted Profit Before Tax
("Adjusted PBT")2 for FY21 of between GBP21m-GBP22m which is in
line with previous guidance.
Cash generation has remained strong through 2021 and cash and
cash equivalents at the end of the period stood at GBP56.7m(1) (31
December 2020: GBP47.3m).
Given the ongoing impact of the coronavirus pandemic on the OoH
drinks market, and current profitability within this route to
market, the Board is currently revisiting the estimates it uses to
support the OoH balance sheet carrying value as part of preparing
the Group's audited annual results. It is expected that the
Goodwill(3) , or part of it, reported on the balance sheet will be
impaired. The full review is currently underway and the Group will
report on the final outcome with its preliminary results. Any
adjustment will be exceptional(1) and non-cash.
Whilst recognising continued revenue momentum into 2022, the
Group Adjusted PBT(2) expectations for the year FY22(4) remain
unchanged.
The Group will publish its 2021 preliminary results on 2 March
2022.
1 Unaudited
2 Excluding Exceptional items
3 As at 31 December 2020 Goodwill associated with OoH was stated
as GBP36.2m
4 FY22 expectations refers to a Group compiled market consensus
of adjusted PBT GBP25.2m
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 / Hattie Dreyfus Steve Pearce / Rachel Hayes
/ Elfie Kent
Hudson Sandler Singer Capital Markets (Nominated
Adviser & Broker)
Telephone: 0207 796 4133 Telephone: 0207 496 3000
Email: nichols@hudsonsandler.com Website: www.singercm.com
Notes to Editors:
Nichols plc is an international diversified soft drinks business
with sales in over 73 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 SLUSH PUPPiE, Feel Good, Starslush, ICEE, Levi Roots and
Sunkist.
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of Article 7 of Regulation (EU) No 596/2014.
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END
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