Home Breaking News Vimto maker ‘well placed’ for the future despite sales continuing to slide

Vimto maker ‘well placed’ for the future despite sales continuing to slide

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The comfortable drinks firm which incorporates the iconic Vimto model has mentioned it stays “nicely positioned” for the future despite income continuing to fall throughout the first three months of 2021.

Newton-le-Willows-headquartered Nichols plc added that its constructive begin to the 12 months noticed the continued outperformance of the Vimto model however these positive aspects have been offset by anticipated declines in out of house revenues because of the Covid-19 lockdown in the UK.

The listed group has confirmed that, for the three months to the finish of March, its income fell by 5.9% to £30.7m in contrast to the identical interval in 2020.

The Vimto model has “continued to outperform” the wider UK comfortable drinks market, attaining development of 4.9% in worth phrases in the 12 months to date, versus 3.2% worth development throughout the wider UK comfortable drinks market.

Across the group’s International markets, the “robust momentum” reported in the prior 12 months has continued.

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The group added that buying and selling since the 12 months finish has “remained very difficult” in the out of house (OoH) route to market.

Revenues in OoH have been 91.9% decrease in the interval than these in the identical interval of 2020, as most of the group’s clients’ shops remained closed.

Despite the monetary challenges posed by the ongoing pandemic, money and money equivalents at the finish of the interval remained robust at £43.1m, in contrast to £47.3m at the finish of 2020.

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An announcement issued to the London Stock Exchange mentioned: “The board is assured that the group, underpinned by the energy of the Vimto model and the group’s diversified enterprise mannequin, stays nicely positioned to ship its long-term strategic ambitions.

“Should the UK Government’s deliberate roadmap out of lockdown proceed, and assuming the absence of additional lockdowns later in the 12 months, the board expects full 12 months adjusted revenue earlier than tax 2 (PBT) to be broadly in step with present market expectations.”

Other manufacturers in its portfolio embrace Feel Good, Starslush, ICEE, Levi Roots and Sunkist.

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The new figures come after the group revealed that its pre-tax income slumped by virtually 80% in 2020 due to the Covid-19 pandemic.

The group’s income additionally declined by practically 20% from £147m to £118.7m over the identical interval.