Merseyside maker of Vimto and other soft drinks reports rise in annual revenues to £172.2m with a ‘strong performance’ in 2024. Tony McDonough reports
Soft drinks maker Nichols is reporting annual sales of £172.1m for the 12 months to March 31, 2024 – up from £170.7m in 2023.
Based in Newton-le-Willows, Nichols sells the famous Vimto brand in more than 60 countries around the world. It is also behind the SLUSH PUPPiE Feel Good, Starslush, ICEE, Levi Roots and Sunkist soft drink brands.
Vimto is particularly popular in the Muslim world during the holy month of Ramadan. It provides a quick boost of sugar-filled energy following the dawn ’til dusk fast.
In a trading update to the stock exchange, Nichols said it expects its pre-tax profits for the full year to be in line with current market expectations of just over £30m, higher than the £24.3m reported last year.
In November 2024 Nichols said its medium-term ambition is to grow annual revenues to at least £225m and deliver a pre-tax profit of £45m.
Nichols continues to perform well in its packaged business, where it sells to major retailers and wholesalers, with full year sales up by 3.8%. Growth in the UK packaged division was even stronger at 5.4%.
Its international business performed “very strongly” in the second half of the year, as anticipated, with full year revenues remaining in line with the prior year.
In line with the group’s expectations, out of home (which supplies its products to hospitality outlets such as cafes, bars and hotels) revenue reduced by 8.2%3 following exits from unprofitable accounts as part of the actions following the 2022 strategic review.
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Chief executive Andrew Milne said: “I’m pleased to report Nichols delivered a strong performance in FY24, with good progress made against our strategic plan and towards our medium-term financial ambitions.
“Our strategy will drive a high-margin, highly cash-generative, diversified business, built on the unique strength of the Vimto brand.
“Looking ahead, we remain focused on continuing to execute our strategic plans and driving further progress against our medium-term ambitions.”