Nichols (NICL) Trading update summary

Trading performance and revenue

• Group revenue rose 4.3% year-on-year to £41.0m for Q1 2026, in line with expectations.

• Total Packaged revenues increased 5.6%, with UK Packaged up 3.8% and International Packaged up 11.1%.

• International growth was driven by West Africa, offset by planned lower Middle East revenues due to shipment timing.

• Out of Home revenues declined 3.3%, reflecting the planned exit from lower-margin business and focus on profitability.

• Net cash rose to £59.8m, reflecting working capital movements and completion of a business change programme.

Strategic developments and outlook

• Full-year 2026 revenue and adjusted PBT guidance remain unchanged at £183.1m and £35.3m, respectively.

• Performance is expected to be weighted towards H2 due to shipment phasing, especially in Africa and the Middle East.

• Proactive steps are in place to manage potential supply chain disruptions from Middle East conflict, with some cost inflation protection in H1.

• The shift to a concentrate model in West Africa is improving margins and supporting long-term growth.

• The business remains focused on innovation, strategic priorities, and profitable growth.

Leadership and operational updates

• Matthew Rothwell joined as CFO in April 2026, pending Board approval at the AGM.

• The asset-light, diversified model and strong Vimto brand underpin medium-term ambitions.

• Distribution routes are not directly exposed to the most affected Middle East shipping corridors.

• Continued execution of strategic priorities is expected to drive further progress.