Nichols (NICL) Trading Update summary

Trading performance and revenue

• Group revenue rose 1.2% year-on-year to £39.3m for Q1 2025, meeting expectations.

• UK Packaged revenues increased 4.0% to £21.3m, driven by Vimto brand volume and distribution gains.

• International Packaged revenue declined 7.6% to £9.0m due to shipment phasing and a shift to higher margin concentrate sales in West Africa.

• Out of Home revenues grew 4.6% to £9.0m, reflecting targeted business development post-strategic review.

Financial position and outlook

• Net cash and cash equivalents stood at £60.0m at period end, up from £53.7m at year-end 2024.

• FY25 revenue and adjusted PBT expectations remain unchanged at £178.9m and £33.1m, respectively.

• Direct exposure to US tariff changes is limited, with less than 2% of revenue affected.

• Medium-term contractual security expected to mitigate potential cost inflation.

Strategic progress and business model

• Continued execution of strategy supports progress toward medium-term financial and strategic goals.

• Shift to concentrate model in West Africa aims to improve margins and long-term profitability.

• Vimto brand strength and diversified business model underpin growth outlook.

• Out of Home segment benefits from focused business development and profitability initiatives.