NICL delivered 5.2% LFL revenue growth in FY24. The operating margin was +195bps, led by gross margin expansion of 340bps, partly offset by investment in supply chain, procurement, IT and marketing. UK packaged revenue growth of 6.3% was largely volume-driven, with price increases offset by higher promotions. NICL gained share in all categories, driven by innovation (where NICL is meeting its target of 8-10% of sales coming from products launched during the last two years) and distribution gains. The change of ERP system launched successfully last week. Middle East revenue growth of 9.6% was boosted by stock-building in Yemen as NICL switched to Aujan, its longstanding regional partner, in the hope of rebuilding local sales, which used to account for c.20% of regional revenue, versus only 5-6% now. Growth was also flattered by shipment phasing, with a container leaving just before the period end. In Africa, NICL is in the process of changing its model from import to local production. Phase 1 will see six markets supplied from the new plant recently built in Senegal by its partner (Millennium). Phase 2, supplying a further five markets, will follow Millennium’s construction of a new plant in Ivory Coast, scheduled to start in late 2025. NICL’s medium-term objective is to increase its market share in these 11 markets from 8% to 12%, through improved product availability and increased marketing support. In Senegal, NICL’s largest market in Africa, this is now supported by a small local office. NICL remains on the lookout for a brand that would complement Vimto, with £20-30m of revenue being the ideal range for an acquisition. If nothing is available at the right price, it will consider further special dividends.