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Business Stockmarket: Vimto boosts market share
Nichols, the beverages group, is concentrating on soft drinks and beverage systems. The sale of hot-beverage operation Balmoral and a property in Manchester brought in a total of £12.6m; after repaying debt of £2.4m, the rest of the cash is earmarked for buying brands for the soft-drinks side.
Vimto is increasing market share, helping pre-tax profits for the six months to 30 June rise by 15% to £2.27m. Once exceptional one-off charges were taken out, pre-tax profit for the half-year to 30 June was £2.21m, slightly down on 2005’s £2.25m. The exceptional charges relate to Nichols’s reorganisation to concentrate on the core soft-drinks and beverages sides of the business – a restructuring that certainly looks to be on track. Turnover rose from £24.5m in 2005 to £26.2m in 2006.
Nichols’s key markets for Vimto all produced year-on-year sales increases. The Cabana beverage systems business has been buttressed by five new distributors in the first half of the current year.
© db September 2006