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Nichols FY profits slip despite modest revenue growth
(Sharecast News) - Soft drinks group Nichols said on Tuesday that both operating and pre-tax profits had fallen in FY24 despite reporting a modest uptick in group revenues. Nichols said group revenues were up 1.2% in FY24, while operating profits slipped 3.6% and pre-tax profits fell 0.9% to £21.5m and £24.0m, respectively. Underlying earnings were down 4.3% at £23.5m, while cash and equivalents fell 19.9% to £53.7m, and free cash flow dropped 14.9% to £17.8m.
On an adjusted basis, operating profits were up 14.6% at £28.9m, and pre-tax profits improved 15.6% to £31.4m. Adjusted underlying earnings were up 11.7% at £30.8m.
However, Nichols still proposed a final dividend of 17.1p per share, up 9.6% per year, taking its total dividend to 32.0p for FY24, up 13.4% year-on-year.
Nichols added that trading has been "positive" so far in FY25 and that it anticipates a further strengthening across the year as it "remains confident" in its ability to deliver further strategic progress and a continued strong financial performance.
As of 0955 GMT, Nichols shares were down 2.29% at 1,280.0p.
Reporting by Iain Gilbert at Sharecast.com
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