Pre-tax profits at the soft drinks company which includes the iconic Vimto brand slumped by almost 80% during its latest financial year because of the Covid-19 pandemic, according to new figures.
Newton-le-Willows-headquartered Nichols has reported profits of £6.5m for the 12 months to 31 December 2020, down from £32.4m during 2019.
The listed group's revenue also declined by nearly 20% from £147m to £118.7m over the same period.
The business revealed that ahead of the pandemic it was "achieving good revenue growth" with a 6.2% increase in the first quarter versus the prior year.
It added that the remaining three quarters of 2020, revenue was 26.1% lower compared to the prior year.
Non-executive chairman John Nichols said: "The Covid-19 pandemic presented us with unequalled challenges in 2020 and our first and most important objective through this unprecedented period has been the protection and wellbeing of our employees and customers.
"Throughout these difficult times, our colleagues have consistently demonstrated their values and commitment to our business, and I would like to wholeheartedly thank everyone for their efforts.
"The strength of the Vimto brand, the group's robust balance sheet and our diversified business model has ensured a resilient financial performance in the period despite the challenging trading conditions across our markets.
"We have achieved significant outperformance from the Vimto brand in the UK, solid growth in Africa and a good performance in the Middle East despite the impact of the recently introduced Sweetened Beverage Tax (SBT) and Covid-19 restrictions.
"Whilst recognising the current and near-term impact of the pandemic on the soft drinks market, the board continues to believe that Nichols, underpinned by the strength of the Vimto brand, the group's diversified business model and the skill and commitment of our colleagues, remains well placed to deliver its long-term strategic ambitions.
"Given the continued near-term uncertainty, 2021 guidance remains withdrawn."
