Nichols had a standout FY24, executing very well against strategic ambitions set out at the Nov CMD. EPS grew by 13.5% to 64.0p, 4% ahead of our estimate and the normal DPS has been increased by 13.4%. We upgrade our FY25 EPS by 5% and FY26 by 4%. We make 5 key points: 1) Great progress made towards 20% PBT margin in mid-term, with 18.2% achieved in FY24 (+230bps). 2) The dominant Packaged division is going great guns with 12% EBIT growth; and is more impactful on margins and ROCE given capital ....
