Soft drinks manufacturer Nichols has continued to bounce back from the effects of the pandemic last year, with its first-quarter sales jumping 28.9% to £39.6m.
Over the three months to 31 March, the company noted that its core Vimto brand had outperformed, achieving growth of 10.8% in value terms versus 9.8% across the wider UK soft drinks market.
Nichols Out of Home (OoH) route to market continued to recover from the impact of the pandemic and saw growth of 1,387% against the same period last year when Covid restrictions were in place.
However, the group’s International sales had a disappointing start to 2022 (-16%) as shipment timings were impacted towards the end of the quarter by industrial action by lorry drivers in Spain due to rising fuel prices. Nichols noted that the action had now ended and its International shipments have resumed.
Meanwhile, the group said it was continuing to experience “significant” inflationary pressure. However, it stressed that it has plans to mitigate this in line with forecasts, so profit expectations remained unchanged.
Nichols also announced today that after over 50 years with the business and 15 years as Non-Executive Chairman, John Nichols will retire once a suitable replacement is appointed. A statement said: “The Board’s Nomination Committee has commenced a formal process to recruit his successor and will ensure in that process the Board retains the skills and experience necessary to support the ongoing delivery of the Group’s strategy.”
