UK: Nichols enjoys strong FY
- Full-year net profits jump by 23% to GBP13.3m (US$21m)
- Net sales up by 18% to GBP98.9m
- Operating profits rise by 20% to GBP18.1m
- Vimto maker registers gains in Middle East, Africa and UK
Vimto maker Nichols upbeat on FY gains
Vimto sales in the Middle East and good momentum in a tough UK soft drinks market have lifted Nichols to strong rises in sales and profits for 2011.
Nichols said today (8 March) that its net sales for the 12 months to the end of December rose by 18% to GBP98.9m (US$156m). The firm was boosted by a 31% jump in international sales, largely thanks to the Vimto brand in the Middle East, Africa and northern Europe.
Despite challenging economic conditions, the firm's UK sales also increased on 2010, by 14%. Meanwhile, the firm also got a lift from its acquisition of Dayla Liquid Packing a year ago, which improved soft drinks dispense sales for the year by a fifth.
Group non-executive chairman John Nichols said: "2011 was another record year with an outstanding performance in the face of the most challenging UK retail environment seen in a decade." He warned that 2012 will be no less tough in the UK, with high amounts of soft drinks likely to be sold on promotion.
At the bottom-line in 2011, Nichols reported operating profits up by 20% versus 2010, to GBP18.1m. Net profits jumped by 23% to GBP13.3m. Looking ahead, Nichols said that it is confident of achieving further gains for Vimto in the Middle East after its partner in the region, Aujan Industries, sold 50% of its beverage business to The Coca-Cola Co at the end of 2011.
Nichols said: "The global strength of Coca-Cola, combined with the local market knowledge of Aujan Industries, provides a strong platform for the continued success and the future growth and development of the Vimto brand in this region."
For the company announcement, click here.
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