Nichols posts growth as out of home boosted post pandemic

By Gwen Ridler

- Last updated on GMT

Nichols posts growth and announces the appointment of a new non-executive chair
Nichols posts growth and announces the appointment of a new non-executive chair

Related tags Drinks

Vimto maker Nichols reported a year of growth in its 2022 full-year financial results, boosted by the strong resurgence of the out-of-home (OoH) market following the COVID-19 pandemic.

The drinks manufacturer posted revenue of £164.9m for the 12 months to 31 December 2022, up 14% compared with the previous year.

OoH continued to recover from the impact of the pandemic with revenues up 43% year-on-year. This slowed in the second half of the year, with growth up 5%, reflecting a more normalised trading environment compared to the year prior and the onset of cost of living pressures.

The Vimto brand was once again a key driver of sales growth for the business, with its value increasing by a reported 3.4% in the UK – according to Nielsen as of 3 December 2022.

Meanwhile, the Vimto brand continued to see strong progress year-on-year in the International packaged route to market, with revenue growth up 15% versus the prior year. Second half performance was up 48% year-on-year, with ‘positive performance in all regions’.

Resilient brand

Sahill Shan, analyst at Singers, said the results further reinforced the resilience of the Vimto brand against a difficult consumer and cost backdrop.

Commenting on its outlook for 2023, the group said it was not immune to the significant and accelerating inflationary pressures impacting the wider consumer and soft drinks market.

“Whilst FY23 will be a challenging year as cost of living pressures impact consumer demand across all routes to market, the Group will continue to seek to mitigate these pressures through both cost efficiency and revenue management,” ​said the company.

“Throughout FY22, this has helped the Vimto brand continue to grow in the UK and Internationally, which the Board is confident will continue in FY23.”

New non-exec chair

Nichols also announced the appointment of Elizabeth McKeikan as its next non-executive chair, as current chair John Nichols retires from the role.

She will join the group as a non-executive director on 1 February 2023 before becoming non-executive chair on 26 April 2023 – the date of Nichols’ annual general meeting.

McKeikan’s current board positions include senior independent director and Remuneration Committee chair of Unite Group, NED and ESG committee chair of Dalata Hotel Group, senior independent director and Remuneration Committee chair of McBride and senior independent NED of Custodian REIT.

Commenting on McKeikan’s appointment, John Nichols said: “Following a thorough search process, in Liz the Nominations Committee have identified an outstanding candidate to take over as the Group’s next Chair.

“She has significant experience in consumer-facing businesses and public company boards, which I am very confident will be of great value to the Group.”

Related topics Drinks Operations

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