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NICHOLS PLC | ANNUAL REPORT & FINANCIAL STATEMENTS 2011

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NICHOLS PLC | ANNUAL REPORT & FINANCIAL STATEMENTS 2011
NICHOLS PLC | ANNUAL REPORT & FINANCIAL STATEMENTS 2011

Laurel House | Woodlands Park | Ashton Road | Newton-Le-Willows | Merseyside | WA12 0HH
01925 22 22 22 | www.nicholsplc.co.uk

ANNUAL
REPORT &
FINANCIAL
STATEMENTS
2011

NICHOLS PLC | ANNUAL REPORT & FINANCIAL STATEMENTS 2011

NICHOLS PLC IS A HIGHLY
FOCUSED SOFT DRINKS BUSINESS.
ITS BRAND PORTFOLIO INCLUDES
VIMTO, WHICH IS SOLD IN OVER
65 COUNTRIES AND LEVI Roots, weight watchers, SUNKIST &
PANDA WHICH ARE SOLD IN THE
UK. THE GROUP HAS A LEADING
MARKET POSITION IN BOTH THE
Still and carbonate DRINKS
CATEGORIES AND ALSO IN THE
SOFT DRINKS ON DISPENSE
MARKET, WHERE ITS BRANDS
INCLUDE CABANA & BEN SHAWS.

FINANCIAL CALENDAR
PRELIMINARY RESULTS
ANNOUNCED
8TH MARCH 2012

ANNUAL GENERAL
MEETING
2ND MAY 2012

INTERIM RESULTS
ANNOUNCED
26TH JULY 2012

CONTENTS
CHAIRMAN’S STATEMENT 04
CHIEF EXECUTIVE’S REVIEW 06
FINANCIAL REVIEW 10

DIRECTORS & ADVISORS 13
DIRECTORS’ REPORT 14
AUDITOR’S REPORT 18

FINANCIAL STATEMENTS 19
NOTICE OF MEETING 48
FINANCIAL CALENDAR 51

3

CHAIRMAN’S
STATEMENT

“WE ARE PLEASED
TO REPORT THAT
ALL OUR BUSINESSES
DELIVERED EXCELLENT
GROWTH IN THE YEAR”
JOHN NICHOLS
NON-EXECUTIVE CHAIRMAN

We delivered another outstanding performance in 2011 with significant growth in sales, profitability and cash generation.
Group sales increased by 18% to £98.9m driven by our strong portfolio of brands and our significant international presence.
This has been achieved despite the most challenging UK retail environment seen in a decade.
The year also saw high levels of cost inflation in the UK soft drinks industry affecting all our

4

key raw materials. Whilst this had a negative impact on our
UK gross margins, the effect on
Group operating margin has been mitigated by a combination of ongoing productivity improvements in the UK and the strength of our international business. As a result, the Group’s operating profit
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