Nichols chief executive to step down from soft drinks group

 
Kasmira Jefford
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VIMTO-maker Nichols yesterday announced Brendan Hynes is to step down as chief executive as the company reported a rise in profits and sales.

The company said Hynes will step down at its annual meeting in May after six years at the helm to pursue a non-executive portfolio career.

Marnie Millard, currently head of Nichols’ Vimto UK business, will succeed Hynes as chief executive.

The soft drinks company made the announcement alongside its full-year results, with profits before tax up 13 per cent to £20.5m in the year to 31 December.

Group sales increased nine per cent to £107.8m, boosted by a strong performance from its core Vimto brand and new products such as Levi Roots and Weight Watchers.

Nichols said UK sales grew nine per cent to £85m, outperforming the wider UK soft drinks market which grew three per cent.

Chairman John Nichols said pressures on UK consumer spending “show little sign of moderating” but remained confident the firm will continue to deliver profitable growth.