UK news Vimto maker Nichols sees profits slump after hospitality closures hit sales last news

MetiNews.Com - Vimto maker Nichols has seen annual profits slump by 80% after coronavirus lockdowns and the closure of hospitality outlets decimated sales.

UK news Vimto maker Nichols sees profits slump after hospitality closures hit sales last news

MetiNews.Com - Vimto maker Nichols has seen annual profits slump by 80% after coronavirus lockdowns and the closure of hospitality outlets decimated sales.

UK news  Vimto maker Nichols sees profits slump after hospitality closures hit sales last news
03 March 2021 - 10:45

Breaking News ! "Vimto maker Nichols has seen annual profits slump by 80% after coronavirus lockdowns and the closure of hospitality outlets decimated sales. The company, which also owns the Sunkist and Levi Roots drinks brands, revealed that pre-tax profits tumbled to £6.5 million from £32.4 million in 2019 after a year of “unequalled challenges”.It said the enforced closure of pubs, restaurants, cinemas and theme parks saw revenues plummet 61.4% in its so-called out-of-home market – where it supplies dispensed soft drinks, slushes and coffee products.This saw total sales fall 19.3% to £118.7 million and Nichols withheld guidance for the year ahead due to “continued uncertainty” amid the pandemic.Shares in the firm fell 4% after the results.Chairman John Nichols said the group had enjoyed a robust start to 2020 before the crisis struck, with first-quarter revenues up 6.

.He added: “The arrival of the pandemic in our markets at the end of the first quarter was a watershed moment for the year.“The introduction of social distancing, the enforced closure of the group’s out-of-home customers and the various lockdown measures introduced across the globe materially impacted our business.”Despite the pandemic impact, Mr Nichols said the group put in a “resilient” financial performance, with grocery sales gaining market share.On an underlying basis, pre-tax profits fell 64.2% to £11.6 million.Nichols launched a review of its business last year following recent acquisitions and has recently cut around 20 roles in its out-of-home division as part of the overhaul.It booked redundancy costs of £723,000 in the results.The group has also seen a recent changeover at the top, with chief executive Marnie Millard quitting at the end of 2020 after seven years leading the Merseyside-based company.She was replaced by chief operating officer Andrew Milne on January 1." }

Source = MetiNews.Com

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UK news Vimto maker Nichols sees profits slump after hospitality closures hit sales last news


UK news Vimto maker Nichols sees profits slump after hospitality closures hit sales last news


UK news Vimto maker Nichols sees profits slump after hospitality closures hit sales last news


UK news Vimto maker Nichols sees profits slump after hospitality closures hit sales last news

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