Nichols FY17 results highlight another year of excellent top-line progress, with doubledigit growth in the UK and International. This is impressive given various challenges in the year. Profitability is in line with expectations but there is a better than anticipated uplift in the DPS – a good signal. Whilst there is no change to the Yemen situation, outlook commentary around the UK and Africa is positive. We keep our forecasts largely unchanged and see intrinsic value towards 1950p on DCF crite ....
