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2020 Preliminary Result : Nichols PLC RNS Number : 9338Q Nichols PLC 03 March 2021 3 March 2021 Nichols plc 2020 PRELIMINARY RESULT Resilient financial performance despite challenging trading conditions Nichols plc ( ' Nichols ' or the ' Group ' ) , the diversified soft drinks Group , announces its Preliminary results for the year ended 31 December 2020 ( the ' period ' ) . Year ended 31 December 2020 Year ended 31 December 2019 Movement £ m £ m Group Revenue 118.7 147.0 ( 19.3 % ) Adjusted Operating Profiti 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 Margini 9.8 % 22.1 % ( 12.3ppts ) PBT Margin 5.5 % 22.1 % ( 16.6ppts ) EBITDA2 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 Full year dividend 8.8p 28.0p6 ( 68.6 % ) 36.8p 12.4p6 + 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 Flow4 + £ 17.6m , Cash Conversion at 186 % Working capital focus with slower end of year 2020 due to Covid - 19 Exceptional charge of £ 5.1m о Of which ₤ 3.8m , non - cash Impairment of Feel Good Goodwill and Intangible Assets £ 1.3m operational review and restructuring Final dividend proposed of 8.8p reflecting 2x cover for combined 2019 and 2020 performance period Continued uncertainty for 2021 outlook , guidance remains withdrawn 1 Excluding Exceptional items ; impairment charges of £ 3.8m , operational review and restructuring costs of £ 1.3m ( 2019 : £ nil ) 2 EBITDA is the statutory profit before tax , interest , depreciation and amortisation 3 Nielsen Total Coverage Year to Date 26 December 2020 4 Free Cash Flow is the net increase in cash and cash equivalents before acquisition funding and dividends 5 Cash Conversion is the Free Cash Flow ! Adjusted Profit After Tax 62019 Final Dividend was cancelled on 31 March 2020 due to the effect of the Covid - 19 pandemic 7 Dividend cover is the adjusted basic earnings per share divided by the dividend per share John Nichols , Non - Executive Chairman , commented : " The Covid - 19 pandemic presented us with unequalled challenges in 2020 and our first and most important objective through this unprecedented period has been the protection and wellbeing of our employees and customers . Throughout these difficult times , our colleagues have consistently demonstrated their values and commitment to our business , and I would like to wholeheartedly thank everyone for their efforts . The strength of the Vimto brand , the Group's robust balance sheet and our diversified business model has ensured a resilient financial performance in the period despite the challenging trading conditions across our markets . We have achieved significant outperformance from the Vimto brand in the UK , solid growth in Africa and a good performance in the Middle East despite the impact of the recently introduced Sweetened Beverage Tax ( SBT ) and Covid - 19 restrictions . Whilst recognising the current and near - term impact of the pandemic on the soft drinks market , the Board continues to believe that Nichols , underpinned by the strength of the Vimto brand , the Group's diversified business model and the skill and commitment of our colleagues , remains well placed to deliver its long - term strategic ambitions . Given the continued near - term uncertainty , 2021 guidance remains withdrawn . " Contacts Andrew Milne , Group Chief Executive Officer David Rattigan , Group Chief Financial Officer Nichols plc Telephone : 0192 522 2222 Website : www.nicholsplc.co.uk Alex Brennan / Elfie Kent Hudson Sandler Telephone : 0207 796 4133 Email : nichols@hudsonsandler.com Steve Pearce / Rachel Hayes N + 1 Singer ( Nominated Adviser ) Telephone : 0207 496 3000 Website : www.nlsinger.com London STOCK EXCHANGE