Nichols PLC on Wednesday reported it returned to a profit in 2022 as it noted a solid revenue growth both in the UK and internationally.
The soft drinks maker swung to a pretax profit of £13.8 million in 2022, from a loss of £17.7 million the year prior. Revenue jumped 14% to £164.9 million from £144.3 million.
The Newton Le Willows, England-based firm noted a particularly strong growth in the Out of Home revenue in the UK, with revenue up 43% against the previous year as a result of a solid post-pandemic recovery.
‘Vimto continues to perform well both in the UK and internationally and despite ongoing inflationary pressures, which accelerated during the second half, the brand has ensured a robust financial performance for the group. In the UK we have again seen the brand outperform in dilutes and continued to make significant progress in the ready to drink subcategory. Internationally, we continued to see solid growth across all regions,’ said Non-Executive Chair John Nichols.
Looking forward, Nichols said that he expects adjusted profit before tax in 2023 to be in-line with that of 2022, as well as market expectations, which are placed at £25.1 million.
The Vimto-owner proposed a final dividend of 15.3 pence, up 15% from 13.3p the year prior. This takes the full-year dividend to 27.7p. In 2021, the total payout was 23.1p.
Shares in Nichols were up 2.4% to 1,021.67p each in London on Wednesday afternoon.
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