Last checked at 26 Apr 2017 07:00
Date: | Embargoed until 0700 Wednesday 26 April 2017
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Contacts: | John Nichols, Non-Executive Chairman | |
Marnie Millard, Group Chief Executive Officer Tim Croston, Group Chief Financial OfficerAndrew Milne, Group Commercial Director | ||
Nichols plc | ||
Telephone: 01925 222222 | ||
Website: www.nicholsplc.co.uk | ||
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Alex Brennan | Richard Lindley | |
Hudson Sandler | N+1 Singer (Nominated Adviser) | |
Telephone: 020 7796 4133 | Telephone: 0207 496 3000 | |
Email: nichols@hspr.com |
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Nichols plc
("the Group")
AGM trading update
John Nichols, Non-Executive Chairman of Nichols plc, the soft drinks group, will make the following statement at the Group's Annual General Meeting to be held at 11.00 am today:
Current Trading
The Group's trading performance for the first quarter of 2017 is in line with management expectations.
In the UK, the Vimto brand continues to outperform the market with reported sales up by 3.4% compared to the first quarter of 2016. This compares favourably to the total soft drinks market growth of 1.2% in the same period (Nielsen: ytd to 25 March 2017).
In our international markets, sales to Africa have maintained the growth momentum from 2016 and as anticipated, the first quarter has been a busy period for sales of Vimto concentrate to the Middle East ahead of Ramadan which begins at the end of May.
Board update
The recruitment process for a Non-Executive Director to replace John Longworth, who steps down from the Board today, is well under way and we expect to give a further update at the time of our 2017 interim results announcement on 20 July 2017.
Outlook
We anticipate the UK soft drinks market will remain challenging throughout 2017 with the addition of currency related input cost inflation to an already price competitive environment.
Against that backdrop, we are pleased with the Group's trading performance for the first quarter and currently expect full year earnings to be in line with market expectations.
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Notes to Editors:
Nichols is an international soft drinks business with sales in over 85 countries, selling products in both the Still and Carbonate categories. The Group is home to the iconic Vimto brand which is popular in the UK and around the world, particularly in the Middle East and Africa. Other brands in its portfolio include Feel Good, Starslush, Levi Roots and Sunkist.