The Merseyside-based manufacturer posted revenues of £170.7m during 2023, a 3.5% year-over-year increase, while adjusted pre-tax profits rose 8.7% to £27.2m.
However, Nichols’ earnings before interest, taxes, depreciation and amortization (EBITDA) decreased by 8.1% from £26.9m in 2022 to £24.7m in 2023.
In a statement released alongside its results, Nichols said that it had experienced strong growth across its packaged business which had been driven by extending its product range and geographical expansion.
Meanwhile, the statement said that it out of home division was realising the benefits of the firm’s strategic review, which refocused the business on profitability and reduced overall scale and complexity.
Commenting on the results, Nichols CEO Andrew Milne described 2023 as a “year of strong progress and execution”.
“The packaged business delivered another year of growth underpinned by the Vimto brand, and benefits from the newly streamlined out of home business were delivered earlier than anticipated,” continued Milne.
“The group delivered a very strong performance in international markets driven by strong market penetration across existing and new territories in Africa and the Middle East. Innovation remained a critical growth driver and we have an exciting pipeline of new products planned for 2024.”
The firm said it has started trading well in 2024 and is confident in its ability to deliver further strategic progress throughout the year.
“Our diversified business model provides the foundation for continued success, reinforced by our well-established portfolio of owned and licensed brands, the close partnerships we have with our suppliers and customers and our long-term strategic focus,” added Milne.
“These strengths, coupled with a resilient soft drinks market and the dedication of our people, will enable us to continue to deliver value to shareholders.”
founded in 1908, Nichols also owns brands including Slush Puppie, Levi Roots and ICEE.
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