Vimto owner Nichols has reported a 14.3% revenue increase to £164.9 million despite “ongoing inflationary pressures.”
The drinks company also saw a 8.2% increase to £78.3m across its still products, while carbonated drink revenue saw a rise of 20.4% to £86.6m.
“Vimto continues to perform well both in the UK and internationally and despite ongoing inflationary pressures, which accelerated during the second half, the brand has ensured a robust financial performance for the group,” non-executive chairman, John Nichols said.
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The company’s UK revenue increased by 13.7% to £127m, up from £111.6m in 2021.
Nichols added: “In the UK we have again seen the brand outperform in dilutes and continued to make significant progress in the ready to drink subcategory.”
Despite this infaltionary pressure, Nichols maintained profit before tax of 15.1%, while its brand value in the UK was up 3%, according to data from Nielsen IQ.
Nichols said that its board expects its adjusted profit before tax for the full year of 2023 to be in line with its full year 2022 results and market expectations.
“The board remains confident of significant progress in FY24 as inflationary pressures abate and the benefits of the Out of Home Strategic Review are realised.”
He added that “with a long-term track record of growth, a proven and diversified strategy in the UK and internationally, a quality range of brands and a strong balance sheet,” Nichols’ board remains “highly confident” that the group is “very well positioned” to deliver its long-term growth plans.
