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Vimto helps Nichols through lockdown, cushioning revenue fall
StockMarketWire.com
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The closure of hospitality venues amid the coronavirus has pushed Nichols group revenues down by 15.6% compared to the first nine months of 2019, the company reported.
By September 30, the soft drinks producer had seen revenues of £91.7 million, with income from pubs, cafes and other outlets falling by 45.2% lower in the third quarter of the year than in 2019.
The group, which owns the Vimto brand, has also begun to restructure parts of its business and, subject to consultation, will be removing some roles.
John Nichols, non-executive chairman, said: 'These difficult decisions have not been taken lightly and I thank all Nichols colleagues for their continued hard work and commitment.'
However, the chairman added that the company was resilient in other areas of the market. 'We are particularly encouraged by the strong performance of the Vimto brand in the UK where we continue to make market share gains,' he said.
International trade also contributed positively, with revenues in Africa increasing by 10.5% year-to-date against the prior year.
While recognising the significant uncertainty, the board said it expected adjusted profit before tax for the full year to be between £11 million and £13 million.
At 9:52am: (LON:NICL) Nichols PLC share price was 0p at 1200p
Story provided by StockMarketWire.com
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