Nichols in ‘good health’ as new CEO takes the reins

VIMTO maker Nichols has made a solid start to the new financial year as long-serving chief executive Brendan Hynes stands down after a decade with the company.

Speaking at the soft drink company’s annual meeting non-executive chairman John Nichols paid tribute to Mr Hynes’ “outstanding contribution” to the business.

Mr Hynes is being replaced from May 1 by Marnie Millard who becomes Newton-le-Willows-based Nichols’ first ever woman chief executive.

On current trading Mr Nichols said: “I am pleased to report that the group’s profit performance after the first four months of 2013 is in line with management expectations and ahead of the prior year.

“This has been achieved in a challenging UK market and against strong comparatives from last year.”

In the UK, the group’s core brands – Vimto, Levi Roots and Weightwatchers continue to perform well.

He said the company had “consciously reduced” its exposure in the heavily promoted carbonate sector, and while this will cause a “marginal decline” in UK revenues, it will benefit overall operating margin and profitability.

Sales into export markets are in line with management expectations, with sales to Africa ahead of last year and sales to the Middle East broadly at the same level as 2012.

Looking ahead, Mr Nichols added: “Marnie Millard takes over as chief
executive with the business in good health and, at this early stage of the year, we are very pleased with the group’s continuing progress and are confident of delivering results in line with full year expectations.”