The soft drinks company which includes the iconic Vimto brand has said it remains "well placed" for the future despite revenue continuing to fall during the first three months of 2021.
Newton-le-Willows-headquartered Nichols plc added that its positive start to the year saw the continued outperformance of the Vimto brand but those gains were offset by expected declines in out of home revenues as a result of the Covid-19 lockdown in the UK.
The listed group has confirmed that, for the three months to the end of March, its revenue fell by 5.9% to £30.7m compared to the same period in 2020.
The Vimto brand has "continued to outperform" the wider UK soft drinks market, achieving growth of 4.9% in value terms in the year to date, versus 3.2% value growth across the wider UK soft drinks market.
Across the group's International markets, the "strong momentum" reported in the prior year has continued.
The group added that trading since the year end has "remained very challenging" in the out of home (OoH) route to market.
Revenues in OoH were 91.9% lower in the period than those in the same period of 2020, as most of the group's customers' outlets remained closed.
Despite the financial challenges posed by the ongoing pandemic, cash and cash equivalents at the end of the period remained strong at £43.1m, compared to £47.3m at the end of 2020.
A statement issued to the London Stock Exchange said: "The board is confident that the group, underpinned by the strength of the Vimto brand and the group's diversified business model, remains well placed to deliver its long-term strategic ambitions.
"Should the UK Government's planned roadmap out of lockdown continue, and assuming the absence of further lockdowns later in the year, the board expects full year adjusted profit before tax 2 (PBT) to be broadly in line with current market expectations."
Other brands in its portfolio include Feel Good, Starslush, ICEE, Levi Roots and Sunkist.
The new figures come after the group revealed that its pre-tax profits slumped by almost 80% in 2020 because of the Covid-19 pandemic.
The group's revenue also declined by nearly 20% from £147m to £118.7m over the same period.
