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Shares in AIM-listed soft drinks firm Nichols (LON:NICL) climbed 3.77% to 1,240p (as of 13:45 GMT) despite the firm warning of significant disruption due to COVID-19. Management said that they couldn’t provide guidance for the current year, but would be saving cash by cancelling the dividend, adjusting marketing spend and postponing non-essential recruitment and capex.
Non-executive chairman John Nichols commented: “Our first and most important objective remains to protect the health and wellbeing of our employees and customers. At this most challenging time, the Vimto family has once again demonstrated its values and commitment and I would like to wholeheartedly thank all our teams for their current and future efforts.
“With a heritage of 112 years, Nichols has successfully weathered significant challenges and changes across global markets before. Driven by the strength of the Group’s brands, robust balance sheet and diversified business model, the Board remains absolutely confident in Nichols’ ability to both manage the near term pressures impacting the global economy and emerge from this unprecedented period well-placed to continue to deliver the Group’s long-term growth plans“.