Strong performance with robust growth

Nichols 2021 Interim Results

21st July 2021

Nichols plc (‘Nichols’ or the ‘Group’), the diversified soft drinks Group, announces its unaudited interim results for the half year ended 30 June 2021 (the ‘period’).

Half year ended                      30 June 2021 Half year ended                      30 June 2020 Movement
£m £m
Group Revenue 67.4 59.2 +13.8%
Adjusted Operating Profit1 9.0 6.8 +32.9%
Operating Profit 8.8 3.0 +195.1%
Adjusted Profit Before Tax (PBT)1 8.9 6.8 +31.6%
Profit Before Tax (PBT) 8.6 2.9 +193.4%
Adjusted PBT Margin1 13.2% 11.5% +1.7ppts
PBT Margin 12.8% 4.9% +7.9ppts
EBITDA2 11.2 9.3 +20.4%
Adjusted Earnings per Share (basic)1 19.52p 14.94p +30.7%
Earnings per Share (basic) 18.93p 4.59p +312.4%
Cash and Cash Equivalents3 47.4 47.3 +0.2%
Interim Dividend 9.8p 28.0p4 (65.0%)

• Vimto Brand Value in the UK +2.7% YTD with Vimto Dilutes significantly outperforming the market5
• UK revenue up +5.5% with Out of Home (“OoH”) revenues broadly in line with prior year following encouraging Q2 performance
• Vimto international growth of +42.3% versus prior year
• Vimto ‘in market’ Middle East volumes remained resilient through Ramadan with full year ‘in market’ volumes expected to remain in line with pre-Sweetened Beverage Tax levels
• Vimto in Africa delivered strong revenue growth of +22.8%
• Vimto continues to progress across the rest of the world, delivering revenue growth of 49.3%
• The business continues to invest in UK operational change in order to ensure continued agility and growth given future prospects
• Strong cash and cash equivalents at £47.4m (31 December 2020: £47.3m)
• Interim dividend of 9.8p
• 2021 Financial Guidance remains unchanged6
• New long-term agreement signed with J & J Snack Foods Corp. to manufacture, manage, distribute and sell the SLUSH PUPPiE brand across the UK, Ireland and Europe

1 Excluding Exceptional items of £0.3m (H1 2020: £3.8m)
2 EBITDA is the statutory profit before tax, interest, depreciation and amortisation
3 The comparison is to 31 December 2020. All other comparatives compare to the six months ending 30 June 2020 unless otherwise stated
4 Final dividend FY19 (28.0p) withdrawn. Same value paid as interim dividend FY20
5 Nielsen Total Coverage Year to Date, 19 June 2021
6 FY21 Adjusted PBT of £18.9m (FY20 Actual £11.6m)

Our first and most important objective through the Covid-19 pandemic has been the continued safety and wellbeing of our employees and customers. Throughout these challenging times, our colleagues have consistently demonstrated their commitment to our business and our customers, and I would again like to wholeheartedly thank everyone for their support. The continued strong performance of the Vimto brand, the Group’s robust balance sheet and our diversified business model has ensured a resilient financial performance in the period with growth across each of our reporting segments. The UK Government’s planned roadmap out of lockdown continues and although at a more cautious pace than originally planned, the Group’s positive start to the year means that we remain confident that it will achieve the Board’s expectations for the year. Longer term, the Board is currently assessing the impact of inflationary pressures affecting logistics, labour, plastics and costs associated with increasing environmental legislation.

John Nichols, Non-Executive Chairman

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