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(Alliance News) - Nichols PLC on Wednesday reported a 14% jump in full-year revenue and named Elizabeth McMeikan as its next non-executive chair.
The Newton-le-Willows, England-based soft drinks company said revenue during 2022 jumped 14% to GBP164.9 million, in a trading update.
It noted that the Vimto brand has continued to perform well, with its brand value increasing by 3.4% in the UK. The company noted that this is broadly in line with the performance of its UK packaged route to market.
It added that despite ongoing inflation pressures, which accelerated during the second half of the year, the company expects to report full-year pretax profit in line with market expectations.
In 2021, Nichols reported pretax profit of GBP6.5 million and revenue of GBP118.7 million.
Looking ahead, Nichols said it recognises 2023 as a challenging year as cost of living pressures impact consumer demand across all routes to market. However, it plans to mitigate these pressures through both cost efficiency and revenue management.
"The group has a proven, diversified, and international business model. However, it is not immune to the significant and accelerating inflationary pressures impacting the wider consumer and soft drinks markets," the company explained.
It added that it currently expects 2023 pretax profit to be broadly in line with 2022 results, but it remains confident of "significant progress" in 2024 as inflationary pressures decline.
Nichols said: "With a long-term track record of growth, a proven and diversified strategy, a quality range of brands and a strong balance sheet, the board remains highly confident that the group is very well positioned to deliver its long-term growth plans."
The company plans on announcing its 2022 preliminary results on March 1.
In other news, Nichols also named Elizabeth McMeikan as its new non-executive chair.
In April 2022, Chair John Nichols announces plans to retire after 15 years as chair and 50 years total with the company.
McMeikan plans to join the company February 1 as a non-executive director, before becoming non-executive chair at Nichols' Annual General Meeting on April 26.
The company said that McMeikan is currently a senior independent director & remuneration committee chair of Unite Group PLC, non-executive director & ESG committee chair of Dalata Hotel Group PLC, senior independent director & remuneration committee chair of McBride PLC, and senior independent non-executive of Custodian REIT PLC.
Previously, she spent an executive career with Colgate-Palmolive Co and Tesco PLC.
On Wednesday, the company confirmed that Nichols will remain on the board a non-executive director. He will take the second of two Nichols family board positions, sitting alongside Non-Executive Director James Nichols. Nichols was founded in 1908 by John Noel Nichols; he created 'Vimtonic' to give people "Vim & Vigour".
Chair 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."
Shares in Nichols were down 2.7% to 1,070.00 pence each in London on Wednesday morning.
By Sophie Rose, Alliance News reporter
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