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Nichols (NICL) investor relations material
Nichols H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue grew 1.8% to £85.5m, led by UK Packaged and Africa, with innovation and ERP system launch supporting business transformation.
Adjusted operating profit rose 4.1% to £13.6m, with margin improvement to 15.9%.
Strong cash generation with free cash flow of £14.2m and net cash of £61.6m, supporting investment and dividends.
Diversified business model and robust cash position underpin performance.
Full-year adjusted PBT forecast remains in line with market expectations (£33.1m), with H2 acceleration expected.
Financial highlights
Group revenue up 1.8% to £85.5m; like-for-like revenue up 3.7%.
Adjusted operating profit up 4.1% to £13.6m; adjusted EBITDA at £14.3m (+1.1%).
Adjusted PBT reached £14.6m (+0.8%); adjusted EPS at 29.90p (+0.1%).
Free cash flow improved to £14.2m from £9.0m; net cash at £61.6m.
Interim dividend per share increased to 15.0p, maintaining a two times cover policy.
Outlook and guidance
Full-year adjusted PBT expected to be in line with market expectations at £33.1m.
H2 focus on innovation, marketing, and international expansion, including new product launches.
Production to move back into the USA to mitigate tariffs; further expansion in Africa and Asia.
Medium-term targets reaffirmed: turnover of £225m, PBT margin of 20%, and PBT of £45m.
Strategic priorities: accelerate packaged growth, drive Out of Home value, and operational efficiencies.
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