Change at the top for Nichols as profits fizz 13%

BRENDAN Hynes, chief executive of Nichols, the parent company of soft drinks brand Vimto, is to stand down after 10 years with the business.

Announcing Mr Hynes’ departure along with its full-year results, the AIM company said it had promoted Marnie Millard, its Vimto UK managing director, to be its first woman CEO from May 1.

Mr Hynes, who wants to build up a portfolio of non-executive roles, will stay involved until May to ensure an orderly handover.

Mrs Millard, 48,  has more than 17 years experience in the soft drinks industry. Previously, she has held senior roles at Gerber Juice Company, Refresco Ltd and Macaw Soft Drinks.

Chairman John Nichols praised Mr Hynes’ “outstanding contribution to the development and growth of our business during the last 10 years” and wished him well for the future.
 
Commenting on the new chief executive, he added: “Marnie’s deep understanding of the soft drinks industry, combined with her leadership skills, energy and enthusiasm means that she is well positioned to drive our continued success, while ensuring a seamless transition.”

The group which also makes drinks for Levi Roots and Weight Watchers and also owns the Sunkist & Panda brands said group sales and profits had seen healthy growth during 2012.

Profits fizzed 13% to £20.5m as group sales rose 9% to £107.8m, with the UK up 9% and international sales up 8%.

Mr Nichols said the Newton-le-Willows company had delivered a “very good performance”  in a tough market place.

“Driven by the strength of our brands and continued international penetration, the Group once again delivered double digit growth in profit, earnings per share and cash.”

Looking forward he said the economic environment and UK consumer spending would remain a challenge, but the group was well-placed for further growth.

Nichols announced a final dividend of 11.7p per share. which took the total 2012 dividend to 17.32p, up 13%.