Today’s Q1 update signals a positive start to the year, led by the International business whilst Vimto in the UK has continued to outperform. Post factoring in the OoH drag, revenue in the period was down only 5.9% - a highly creditable showing we feel. Looking forward, Nichols enters the busier trading months with good momentum and OoH should benefit from the unlocking of the hospitality sector. We use this note to reinstate our forecasts and have positioned these prudently until we get a better feel of the OoH trading/customer landscape in the next 6-12 months. Overall, the strength of Q1 trading in the core UK Packaged and International business reinforces Nichols quality credentials. We remain positive and continue to back management to capture mid-term growth opportunities.
