Nichols maintains
expectations
Soft drinks maker Nichols had a strong first half in the UK due to a recovery in the Out of Home business, although there was a decline international revenues.
In the six months to June 2022, revenues were 19% ahead at £80.2m and underlying pre-tax profit was 27% higher at £11.3m. That excludes the £1.2m charge for the operational change programme. Share buy backs reduced the cash pile to £49.2m. The interim dividend was increased from 9.8p a share to 12.4p a share.
Vimto continues to outperform the soft drinks market in the UK. There are inflationary pressures for ingredients and packaging and management is trying to mitigate these effects. Expectations for the full year are unchanged.
CVS continues to prosper
CVS Group grew like-for-like sales by 8% in the year to June 2022. Operating profit is ahead of forecasts.
Peel Hunt increased its 2021-22 earnings forecast for the veterinary practices owner by 3% to 82.7p a share and the 2022-23 figure by 4% to 87.5p a share.
The number of vets has increased and there is a pipeline of potential acquisitions, even though one acquisition in southern England had to be unwound. There are still plenty of consolidation activities.
Like-for-like sales growth is expected to be 7% in the current year. There is a capital markets day scheduled for 8 November.
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