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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Nichols Plc | LSE:NICL | London | Ordinary Share | GB0006389398 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -4.00 | -0.40% | 994.00 | 970.00 | 998.00 | 998.00 | 966.00 | 966.00 | 15,323 | 16:35:12 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Btld & Can Soft Drinks,water | 170.74M | 18.36M | 0.5034 | 19.83 | 364.06M |
TIDMNICL
RNS Number : 7979E
Nichols PLC
21 July 2016
Hot Features
Premium
Date: Embargoed until 0700 Thursday 21 July 2016
Contacts: John Nichols, Non-Executive Chairman
Marnie Millard, Group Chief Executive Officer
Tim Croston, Group Chief Finance Officer
Andrew Milne, Group Commercial Director
Nichols plc
Telephone: 01925 222222
Website: www.nicholsplc.co.uk
Alex Brennan/ Nick Richard Lindley
Lyon
Hudson Sandler N+1 Singer (Nominated Adviser)
Telephone: 020 Telephone: 0207 496 3000
7796 4133
Email: nichols@hspr.com
Nichols plc
INTERIM RESULTS
Nichols plc ('Nichols' or the 'Group'), the soft drinks Group, announces its Interim results for the period ended 30 June 2016 (the 'period').
Nichols is an international soft drinks business with sales in over 70 countries, selling products in both the Still and Carbonate categories. The Group is home to the iconic Vimto brand which is popular in the UK and around the world, particularly in the Middle East and Africa. Other brands in its portfolio include Feel Good, Starslush, Levi Roots and Sunkist.
Financial Highlights:
All references Half Year Half Year % movement
below are pre-exceptional ended ended
items 30 June 30 June 2015
2016
---------------------------- ---------- -------------- -----------
GBPm GBPm
---------------------------- ---------- -------------- -----------
Group Revenue 56.5 54.7 +3.3%
---------------------------- ---------- -------------- -----------
Operating Profit 11.9 10.7 +10.8%
---------------------------- ---------- -------------- -----------
Operating Profit
margin 21% 20%
---------------------------- ---------- -------------- -----------
Profit Before
Tax 11.9 10.9 +9.2%
---------------------------- ---------- -------------- -----------
PBT margin 21% 20%
---------------------------- ---------- -------------- -----------
EPS (basic) 25.77p 23.66p +8.9%
---------------------------- ---------- -------------- -----------
Interim dividend 9.0p 8.0p +12.5%
---------------------------- ---------- -------------- -----------
John Nichols, Non-Executive Chairman, said:
"The Board is pleased with the Group's strong performance in the first half of the year, with UK sales growth continuing to outperform the market. Group revenue increased by 3.3% and Group profit increased by 9%, which reflects the strengths of the Group's business model. As a result of this performance and our confidence in the outlook for Nichols, we are pleased to recommend an interim dividend of 9.0 pence per share which represents a 12.5% increase compared to the prior year."
Chairman's Statement
Nichols has produced another strong performance in the first half of 2016. Group sales have increased by 3.3%, profit growth (before exceptional credits) was 9.2% and the interim dividend has increased by 12.5% compared to the prior year.
Trading
Total revenues for the Group increased by 3.3% to GBP56.5m in the first half of 2016 (2015: GBP54.7m). This revenue growth was driven by our UK sales, which is particularly pleasing in the context of the continued challenges in the UK soft drinks market. Group operating profit increased by 10.8% to GBP11.9m (2015: GBP10.7m) delivering an increase in margin to 21% (2015: 20%) as a result of the sales growth and our continued strategy to focus on value over volume.
Our UK sales increased by 4.7% to GBP44.5m (2015: GBP42.6m). During the same period, revenues in the overall UK soft drinks market declined by 0.5% (Source: Nielsen 6 months to 18 June 2016). This outperformance of the market was driven by the strong growth of our Still Ready To Drink range, the launch of Vimto Remix into both the Still and Carbonate categories, and most notably the incremental sales from the acquisition of The Noisy Drinks Co. Limited.
Total international sales in the period were in line with our expectations at GBP12.0m (2015: GBP12.1m). As anticipated, the majority of our sales to the Middle-East will occur in the second half of the year due to the phasing of in-country production. In the Africa region, we have seen an excellent performance driven by our current markets and the opening of new territories.
Exceptional Profit
Having initially taken a 49% stake in The Noisy Drinks Co. Limited (Noisy) in March 2015, the Group acquired the remaining shares on 8 January 2016. Under International Financial Reporting Standards, the latter transaction triggers a deemed disposal of the initial 49% of the shares in Noisy and a subsequent acquisition of 100% of the shares. As a consequence, a profit on disposal amounting to GBP1.1m arose due to the increase in value of the 49% between March 2015 and January 2016. This profit is disclosed as an exceptional credit.
Dividend
As a result of the strong Group performance in the first half of 2016 and the Board's continued confidence in the outlook, I am pleased to recommend an interim dividend of 9.0 pence per share, which represents a 12.5% increase compared to the prior year (2015: 8.0 pence).
The interim dividend will be paid on 26 August 2016 to shareholders registered on 29 July 2016. The ex-dividend date is 28 July 2016.
Outlook
In our UK markets we expect performance in the second half of 2016 to continue the trend seen in the first six months of the year. In addition, we will re-launch the Feel Good brand in the autumn ahead of the important Christmas trading period into both the Still and Carbonate categories. As explained above, we expect a stronger second half of the year in our Middle East markets and as a result, our total international sales are anticipated to deliver growth for the full year.
In summary, the Board is pleased with the strong performance in the first half of 2016 and is confident that full year results will be in line with market expectations.
John Nichols
Non-Executive Chairman
21 July 2016
CONSOLIDATED INCOME STATEMENT
Half Full
Half year ended year year
ended ended
30-Jun-16 30-Jun-15 31-Dec-15
Unaudited Unaudited
before Unaudited after
exceptional exceptional exceptional
items items items Unaudited Audited
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 56,520 - 56,520 54,716 109,279
Operating profit
(pre-exceptional
items) 11,869 - 11,869 10,709 27,834
Exceptional
items - 1,087 1,087 - -
Finance income 118 - 118 119 213
Finance expense (67) - (67) (60) (201)
Share of income
from associate - - - 147 190
Profit before
taxation 11,920 1,087 13,007 10,915 28,036
------------- ------------- ------------- ---------- ----------
Taxation (2,423) (217) (2,640) (2,197) (5,803)
Profit for the
financial period 9,497 870 10,367 8,718 22,233
------------- ------------- ------------- ---------- ----------
Earnings per
share (basic) 25.77p 28.13p 23.66p 60.33p
Earnings per
share (diluted)
- all activities 25.74p 28.10p 23.63p 60.25p
Dividends paid
per share 17.60p 15.30p 23.30p
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
Half year Half year Full year
ended ended ended
30-Jun-2016 30-Jun-2015 31-Dec-2015
GBP'000 GBP'000 GBP'000
Profit for the financial period 10,367 8,718 22,233
Items that will not be reclassified subsequently to profit or loss
Re-measurement of net defined
benefit liability - - 1,632
Deferred taxation on pension obligations and employee benefits - - (274)
Other comprehensive income for the period - - 1,358
Total comprehensive income for the period 10,367 8,718 23,591
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
30-Jun-2016 30-Jun-2015 31-Dec-2015
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Property, plant and
equipment 8,019 5,235 6,061
Goodwill 22,593 16,447 19,108
Investment in equity-accounted
associate - 2,927 2,970
Intangibles 6,163 - 1,316
Deferred tax assets 1,098 1,699 1,098
Total non-current
assets 37,873 26,308 30,553
----------- ----------- -----------
Current assets
Inventories 6,731 4,696 3,945
Trade and other receivables 33,045 28,332 27,860
Cash and cash equivalents 32,778 31,814 35,438
Total current assets 72,554 64,842 67,243
----------- ----------- -----------
Total assets 110,427 91,150 97,796
----------- ----------- -----------
LIABILITIES
Current liabilities
Trade and other payables 27,521 22,419 18,127
Current tax liabilities 2,315 2,196 2,679
Total current liabilities 29,836 24,615 20,806
----------- ----------- -----------
Non-current liabilities
Pension obligations 3,012 5,309 3,893
Deferred tax liabilities 1,104 70 86
----------- ----------- -----------
Total non-current
liabilities 4,116 5,379 3,979
----------- ----------- -----------
Total liabilities 33,952 29,994 24,785
----------- ----------- -----------
Net assets 76,475 61,156 73,011
----------- ----------- -----------
EQUITY
Share capital 3,697 3,697 3,697
Share premium reserve 3,255 3,255 3,255
Capital redemption
reserve 1,209 1,209 1,209
Other reserves (573) (560) (547)
Retained earnings 68,887 53,555 65,397
----------- ----------- -----------
Total equity 76,475 61,156 73,011
----------- ----------- -----------
CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
Half year ended Half year ended Full year ended
30-Jun-2016 30-Jun-2015 31-Dec-2015
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Profit for the financial period 10,367 8,718 22,233
Cash flows from operating activities
Adjustments for:
Depreciation 453 239 502
Amortisation 78 - -
Exceptional credit 1,087 - -
Loss on sale of property, plant and equipment 3 1 16
Finance income (118) (119) (213)
Finance expense 67 60 -
Share of result in associate - (147) -
Tax expense recognised in the income statement 2,640 2,197 5,803
Change in inventories (2,395) 17 767
Change in trade and other receivables (6,661) (4,824) (4,335)
Change in trade and other payables 7,429 2,873 (1,359)
Change in pension obligations (881) (881) (665)
---------------------------------------------------- --------- --------- --------- --------- --------- ---------
1,702 (584) 516
Cash generated from operating activities 12,069 8,134 22,749
Tax paid (3,040) (1,860) (4,639)
---------------------------------------------------- --------- --------- --------- --------- --------- ---------
Net cash generated from operating activities 9,029 6,274 18,110
Cash flows from investing activities
Finance income 118 136 213
Proceeds from sale of property, plant and equipment - 1 5
Acquisition of property, plant and equipment (1,237) (660) (1,768)
Acquisition of subsidiary, net of cash acquired (4,056) - (157)
Acquisition of business trade and assets - - (3,820)
Acquisition of associate investment - (2,780) (2,970)
----------------------------------------------------
Net cash used in investing activities (5,175) (3,303) (8,497)
Cash flows from financing activities
Share options exercised (26) - (69)
Dividends paid (6,488) (5,640) (8,589)
---------------------------------------------------- --------- --------- --------- --------- --------- ---------
Net cash used in financing activities (6,514) (5,640) (8,658)
Net (decrease)/ increase in cash and cash
equivalents (2,660) (2,669) 955
Cash and cash equivalents at beginning of period 35,438 34,483 34,483
---------------------------------------------------- --------- --------- --------- --------- --------- ---------
Cash and cash equivalents at end of period 32,778 31,814 35,438
---------------------------------------------------- --------- --------- --------- --------- --------- ---------
NOTES
1. Basis of Preparation
The financial information set out in this Interim Report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Group's statutory financial statements for the year ended 31 December 2015, prepared under IFRS, have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under Section 498 (2) or (3) of the Companies Act 2006.
The interim financial information has been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards (IFRS) and on the same basis and using the same accounting policies as used in the financial statements for the year ended 31 December 2015. The Interim Report has not been audited or reviewed in accordance with the International Standard on Review Engagement 2410 issued by the Auditing Practices Board.
2. Dividends
The interim dividend of 9.0p (2015: 8.0p) will be paid on 26 August 2016 to shareholders registered on 29 July 2016. The ex dividend date is 28 July 2016.
3. Earnings Per Share
Basic earnings per share are based on the weighted average number of shares in issue in the six months to 30 June 2016 of 36,849,942 (six months to 30 June 2015 of 36,849,257 and 12 months to 31 December 2015 of 36,849,638).
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Interim Report
The interim report will be available on the Company's website (www.nicholsplc.co.uk) on or around 21 July 2016.
Cautionary Statement
This Interim Report has been prepared solely to provide additional information to shareholders to assess the group's strategies and the potential for those strategies to succeed. The Interim Report should not be relied on by any other party or for any other purpose.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BRGDRXGDBGLG
(END) Dow Jones Newswires
July 21, 2016 02:00 ET (06:00 GMT)
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