23 April 2025

(the "Company" or Group")

AGM Trading Update

Trading and FY outlook in line with expectations with the Group well placed to make further progress towards its medium-term ambitions

Nichols plc, the diversified soft drinks Group, provides the following trading update for the three months to 31^st March 2025 ("the Period"), to coincide with the Company's Annual General Meeting ("AGM") taking place later today.

Group revenue in the Period increased by 1.2% year-on-year to £39.3m (2024: £38.8m), in line with the Board's expectations.

UK Packaged revenues increased by 4.0% to £21.3m (2024: £20.4m) driven by continued distribution gains and underlying volume increases for the Vimto brand.

As anticipated, International Packaged revenue reduced by 7.6% to £9.0m (2024: £9.8m). This reflects the phasing of shipments to the Middle East due to the timing of Ramadan as well as the strategic shift towards the higher margin concentrate sales model in West Africa, as outlined at the Group's Capital Markets Day last year. The Board remains confident of making continued strategic progress and delivering further profitable growth in the International business for the full year.

Out of Home (OoH) increased revenues by 4.6% to £9.0m (2024: £8.6m) with the performance benefiting from the increased focus on targeted business development and profitable growth following the OoH strategic review, which completed in 2023.

The Group retains a strong balance sheet with net cash and cash equivalents at the end of the Period of £60.0m (31 December 2024: £53.7m).

Outlook

The Group's revenue and adjusted PBT¹ expectations for FY25² are unchanged.

The overall economic impact of recent volatility in global markets arising from tariff changes being implemented by the US Government remains unclear. We have reviewed the potential implications and our initial assessment is that given the Group's diverse geographic revenues, our direct exposure to the most affected markets is limited, representing less than 2% of Group revenue. Furthermore, we expect to benefit from medium-term contractual security in relation to potential cost inflation. We will continue to review our position and manage our approach to business accordingly.

Underpinned by the strength of the Vimto brand, Nichols' diversified business model and clear growth strategy, the Group is well positioned to deliver continued profitable growth and make further progress towards its medium-term financial and strategic ambitions.

Andrew Milne, Chief Executive Officer of Nichols, commented:

"We are pleased to have delivered further strategic progress in Q1.

Our UK Packaged business delivered continued growth as a result of increased volumes and distribution gains, reflecting progress against the strategic priorities outlined at our 2024 CMD.

In the International business, we are making good progress with the shift towards a higher margin concentrate model in several of our West African markets. Whilst the move away from shipping finished product impacts revenue, the concentrate model delivers a step change in margins and positions us well to achieve long-term, profitable growth in these markets.

We continue to expect further growth in FY25 in line with market expectations as we continue to execute our strategy and make progress towards our medium-term financial and strategic ambitions."

¹ Excluding exceptional items

² FY25 expectations refer to a Group compiled market consensus of revenue and adjusted PBT of £178.9m and £33.1m respectively

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