Nichols PLC Trading Update (2793L)
January 12 2021 - 1:00AM
UK Regulatory
TIDMNICL
RNS Number : 2793L
Nichols PLC
12 January 2021
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 2020
("the period").
During the period the Vimto brand achieved strong growth in the
UK and the Group's International business continued to perform
well. However, as reported by the Group in its trading update on 19
November 2020, this progress was offset by declines in the Group's
UK Out of Home ("OoH") route to market, as a result of the
coronavirus pandemic.
In line with the Board's expectations, total Group revenue in
the period decreased by 19.3% to GBP118.7m versus the prior year.
The Group expects to report Adjusted Profit Before Tax ("PBT")1 for
FY20 in line with its previous guidance.
As anticipated, trading in Q4 remained very challenging in the
Group's OoH route to market. Q4 revenues in OoH were 84% lower than
those seen in the same period of 2019 as large proportions of the
UK entered Tier 3 and Tier 4 restrictions resulting in the closure
of outlets.
Cash generation has remained strong through 2020 and despite the
financial challenges posed by the ongoing pandemic cash and cash
equivalents at the end of the period were GBP47.3m (31 December
2019: GBP40.9m).
Whilst recognising the current and near-term impact of the
pandemic on the soft drinks market, the Board continues to believe
that Nichols, underpinned by the strength of the Vimto brand, the
Group's diversified business model and the robust balance sheet,
remains well placed to deliver its long-term strategic
ambitions.
The Group will publish its 2020 preliminary results on 3 March
2021.
1 Excluding Exceptional items
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 / Elfie Kent/ Steve Pearce / Rachel Hayes
Ailsa Duckett
Hudson Sandler N+1 Singer (Nominated Adviser
and Broker)
Telephone: 0207 796 4133 Telephone: 0207 496 3000
Email: nichols@hudsonsandler.com Website: www.n1singer.com
Notes to Editors:
Nichols plc is an international soft drinks business with sales
in over 85 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
Feel Good, Starslush, ICEE, Levi Roots and Sunkist.
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END
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