Soft drinks maker Nichols has reported revenue and profit growth in its full financial year 2024, in line with its growth strategy and medium-term financial ambitions.
Andrew Milne, chief executive officer of Nichols, commented, “Nichols delivered another strong performance in 2024, delivering double-digit PBT growth and improved gross margin as we continued to successfully execute our growth strategy across each of our routes to market.”
The Vimto maker reported double-digit EBITDA growth of 11.7% to £30.8 million (€36.5 million), while group revenue increased 1.2%, to £172.8 million (€204.99 million), for fiscal 2024.
Overall revenue in its packaged segment increased by 4.4%, with sales increasing by 6.3%, largely driven by innovation and distribution gains.
Packaged revenue in its international division increased by 0.8%, in line with expectations and driven by a shift to a concentrate model.
Revenue in the out-of-home segment decreased by 8.2%, following the strategic exit from unprofitable accounts.
Adjusted operating profit for the year increased by 14.6%, to £28.9 million (€34.3 million), while adjusted profit before tax registered growth of 15.6%.
Annual Highlights
Vimto achieved its highest Retail Sales Value (RSV) to date of £121.2 million (€143.8 million), driven by new product innovation, increased marketing investment, and distribution gains.
The company's international division also reported good performance, with volume growth in its core markets in the Middle East during Ramadan in 2024.
The company launched a new concentrate model in West Africa, bringing production closer to the end consumer and improving margins.
The company also reported progress in its ESG initiatives with the shift to sustainably sourced 51% rPET in all its UK packaged products.
It also obtained an ‘A’ rating from Integrum ESG – an industry assessor of ESG credentials and achievements.
Outlook
Nichols expects to consolidate its performance across 2025 and is confident in its ability to deliver strategic progress and a continued strong financial performance.
Milne added, “We operate in a resilient and growing category and are well positioned to capitalise on the significant opportunities across both our UK and international markets, leveraging the strength of the Vimto brand.
“Underpinned by our diversified business model, strong brand portfolio, and solid financial position, I remain confident in our ability to drive high-margin, cash-generative growth and deliver long-term value for our shareholders.”
