17th Jul 2019 09:46
(Alliance News) - Soft drinks maker Nichols PLC hiked its interim dividend Wednesday after profit and revenue grew despite tough market conditions in the UK business.
For the six months ended June, pretax profit widened 2.8% to GBP10.9 million after revenue rose 10% to GBP71.6 million.
"Nichols has delivered another good trading performance in the first half of 2019, with growth across both the UK and international markets," Nichols Chair John Nichols said.
Nichols, which makes brands including Vimto and Feel Good, proposed a 12.4 pence per share interim dividend, up 9.7% from 11.3p the year prior.
"The board is pleased with the group's performance in the first six months of 2019 in both our UK and international markets," John Nichols added.
"While UK trading conditions are expected to remain challenging, as a result of the group's diversified business model and sales momentum, the board is confident that full year earnings will be delivered in line with its expectations," John Nichols added.
In addition, Nichols announced Chief Financial Officer Tim Croston will stand down from the end of June 2020. Croston has been at Nichols since 2007, becoming finance chief in 2010.
Shares in Nichols were 1.4% higher at 1,652.15 pence in London on Wednesday.
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