Coronavirus Update

Nichols PLC- 2020 Preliminary Results

This content has been sourced from: https://www.investegate.co.uk/nichols-plc--nicl-/r...

 

Year ended

31 December 2020

Year ended

31 December 2019

Movement

 

£m

£m

 

 

 

 

 

Group Revenue

118.7

147.0

(19.3%)

 

 

 

 

Adjusted Operating Profit 1

11.7

32.4

(64.1%)

Operating Profit

6.6

32.4

(79.7%)

 

 

 

 

Adjusted Profit Before Tax (PBT) 1

11.6

32.4

(64.2%)

Profit Before Tax (PBT)

6.5

32.4

(79.8%)

 

 

 

 

Adjusted PBT Margin 1

9.8%

22.1%

(12.3ppts)

PBT Margin

5.5%

22.1%

(16.6ppts)

 

 

 

 

EBITDA 2

16.5

37.0

(55.5%)

 

 

 

 

Adjusted earnings per share (basic) 1

25.56p

72.81p

(64.9%)

Earnings per share (basic)

13.14p

72.81p

(82.0%)

 

 

 

 

Cash and cash equivalents

47.3

40.9

+15.6%

 

 

 

 

Proposed Final Dividend

8.8p

28.0p 6

(68.6%)

Full year dividend

36.8p

12.4p 6

+196.8%

 

 

· Vimto Brand Value in the UK +6.7% versus soft drink market of +2.5% 3

· Vimto Brand 'in-market' Middle East sales remained resilient through Ramadan despite Sweetened Beverage Tax (SBT) and Covid-19 restrictions

· Vimto in Africa delivered strong revenue growth of +7.4%

· Vimto continues to progress across the rest of the world, delivering revenue growth of 17.3% 

· Out of Home (OoH) significantly impacted by the pandemic with revenues down 61.4% and fixed costs weighing heavily on overall financial performance

· Strong cash performance in the period, Free Cash Flow 4   +£17.6m, Cash Conversion 5  at 186%

o  Working capital focus with slower end of year 2020 due to Covid-19

· Exceptional charge of £5.1m 

o  Of which £3.8m, non-cash Impairment of Feel Good Goodwill and Intangible Assets

o  £1.3m operational review and restructuring

· Final dividend proposed of 8.8p reflecting 2x cover 7  for combined 2019 and 2020 performance period

· Continued uncertainty for 2021 outlook, guidance remains withdrawn