Nichols recovers but more to come 

Soft drinks maker Nichols increased full year revenues from £118.6m to £144.3m, while profitability recovered from £11.6m to £21.8m. That is still below the level of profit in 2019 and it may be some time before the past level is regained.

Vimto retail sales are growing faster than the market in the UK, and it is also growing internationally, particularly in Africa. The Middle East business has adapted to the sugar tax and is holding up. However, the out of home division is still not trading at its previous level and a strategic review has begun. This could involve a restructuring of the cost base .


The 2021 dividend is 23.1p a share and this is forecast to rise to 26.3p a share in 2022, which would be twice covered by estimated earnings. Net cash is expected to reach £63.2m at the end of 2022.

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Alliance Pharma scar treatment buy

Consumer pharma brands supplier Alliance Pharma is acquiring scar treatments that will give it a significant share of the US market. It is paying £14.8m for ScarAway and additional rights to existing brand Kelo-Cote.


ScarAway is a silicone-based treatment, and it is the second largest scare treatment brand in the US with a 28% market share. The deal also includes the US rights to scar treatment Kelo-Cote. 


Kelo-Cote will become a global brand for Alliance. Kelo-Cote was already the company’s biggest brand generating £48.8m of group revenues of £169.6m in 2021.

The deal is immediately earnings enhancing for Alliance Pharma.

Possible DBAY offer for CareTech 

DBAY Advisors is considering a 750p a share cash bid for care services provider CareTech Holdings. It is also proposing that there would be a non-voting share alternative to allow shareholders continued exposure to the business. That is limited to 30% of the issued share capital.

This follows the announcement that management were considering a buy out of CareTech at 725p a share. 


CareTech says that talks with DBAY are at an early stage. DBAY and related interests own 1.8% of CareTech. During March, AIM-quoted Logistics Development Group, an offshoot of DBAY, bought 1.74% of CareTech for £13.1m - at 633.5p a share and 695p a share.