The Nichols plc Board is to declare an interim ordinary dividend of 20.2p per share (H1 2025: 15.0p), an increase of 34.7%, payable on 11 September 2026 to shareholders on the register at 7 August 2026. The ex-dividend date is 6 August 2026.
Other financial highlights include:
Group Revenue +4.7% at £89.5m (H1 2025: £85.5m) with growth delivered across all routes to market:
- UK Packaged revenue increased 2.3% to £48.1m (H1 2025: £47.0m) driven by new distribution wins, value share gains in Carbonates, continued momentum in Energy and innovation-led growth.
- International revenue increased 12.8% to £22.0m (H1 2025: £19.5m), reflecting continued strong growth in Africa and a successful Ramadan trading period in the Middle East.
Africa revenue increased 17.2% (H1 2025: +16.9%) with the ongoing transition to the higher-margin concentrate model continuing to support profitability and expected to result in full-year LFL growth exceeding reported growth.
Revenue in the Middle East was in line with management expectations and grew 6.3% year-on-year, with a higher weighting of sales anticipated in the second half of the year in preparation for the 2027 Ramadan period.
- Out of Home revenue increased 1.6% to £19.3m (H1 2025: £19.0m) with continued focus on profitable growth supported by new account wins, such as Rudy's Pizzerias, partly offset by the prior year impact of the planned exit from the Starslush brand.
Gross margin remained resilient at 43.9% (H1 2025: 44.1%)
- Gross profit increased by £1.6m reflecting revenue growth across both UK and International Packaged
- Input cost inflation in the UK successfully managed leading to stable gross margins
- International margins were maintained, benefiting from the continued execution of the Group's strategy to migrate production (through concentrate) closer to consumers in Africa
Adjusted operating profit increased +3.7% to £14.1m (H1 2025: £13.6m)
- Increased gross profit and distribution efficiencies supported continued investment in future growth
- Adjusted operating profit margin remained robust at 15.8% (H1 2025: 15.9%)
Adjusted profit before tax increased +2.7% to £15.0m (H1 2025 £14.6m)
- Strong operating profit growth more than offset lower interest income
- Adjusted profit before tax margin of 16.8% (H1 2025: 17.1%)
No exceptional costs recognised in the Period (H1 2025: £3.2m) following the ERP programme being successfully implemented in 2025. The Group is now focused on realising the benefits and driving operational efficiencies which are already being seen in distribution costs.
Record first half operating cash flow, with cash and cash equivalents at £66.2m (H1 2025: £61.6m, 31 December 2025: £55.7m)
- Free cash flow increased to £17.3m (H1 2025: £14.2m), reflecting the full unwind of year-end working capital outflows
- Net interest income of £0.9m (H1 2025: £1.0m) driven by the lower interest rate environment
- Robust balance sheet provides significant flexibility to support the Group's growth ambitions and capital allocation priorities.
Interim dividend of 20.2p per share (H1 2025: 15.0p), an increase of 34.7%
- Reflecting the growth in earnings per share and the implementation of the Group's updated dividend policy which improves dividend cover from approximately 2.0x to 1.5x adjusted earning
