Nichols beats forecasts with 11% profit growth in first half

24th Jul 2014 13:55

Soft drinks group Nichols anticipates its full-year performance to be in line with expectations after it unveiled a positive trading statement for the first half of 2014.The England-based manufacture, whose portfolio includes Vimto, Sunkist, Panda and Weight Watchers, delivered an 11% advance in interim pre-tax profit to £10m from £9m the year before, ahead of the £9.5m that Investec was expecting.Group sales increased by 3% to £56.6m.UK sales grew to £43.8m up by 8% with "UK volumes outperforming the soft drink market", according to analysts at Investec. Nichol's international sales dropped by 12% due to changes in the timing of shipments of Vimto to the Middle East. In-country sales of finished product in the Middle East region were 7% ahead of the same period of 2013.The group also announced an interim dividend of 7.1p per share, an increase of 12% over the prior year (2013: 6.32 pence) which will be paid to shareholders on August.As of 13:32 the share price had risen by 3.74% to 967p.WS