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Nichols profits soar as Vimto sales bound

·2-min read
Spending by businesses survey (PA Wire)
Spending by businesses survey (PA Wire)

The popularity of Vimto helped its producer nearly triple its half-year profits in the first six months of 2021.

Sales of the drink, which is popular in the UK, the Middle East and Africa, grew by more than 42%, Nichols said on Wednesday.

In Africa, Vimto sales grew by close to 23%, while the Middle East market remained “resilient” through Ramadan. Sales in Nichols’ “rest of the world” category rose by 49%.

It helped pre-tax profit rise from £2.9 million in the first six months of 2020 to £8.6 million in the same period this year.

Revenue rose by nearly 14% to £67.4 million in the same period, Nichols revealed.

“The continued strong performance of the Vimto brand, the group’s robust balance sheet and our diversified business model has ensured a resilient financial performance in the period with growth across each of our reporting segments,” said chairman John Nichols.

“The UK Government’s planned roadmap out of lockdown continues and although at a more cautious pace than originally planned, the group’s positive start to the year means that we remain confident that it will achieve the board’s expectations for the year.

“Longer term, the board is currently assessing the impact of inflationary pressures affecting logistics, labour, plastics and costs associated with increasing environmental legislation.”

The business said that despite a slower move in the UK out of lockdown it was still on track to meet the board’s expectations for the year.

Mr Nichols added: “Our first and most important objective through the Covid-19 pandemic has been the continued safety and wellbeing of our employees and customers. Throughout these challenging times, our colleagues have consistently demonstrated their commitment to our business and our customers, and I would again like to wholeheartedly thank everyone for their support.”

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