The Nichols interim results 2026, published on 29 July, showed the Vimto maker growing revenue and profit in its first half while delivering a sharply higher dividend, as the soft drinks group held its full-year guidance steady.
Revenue for the half-year ended 30 June 2026 rose 4.7% to £89.5 million, according to the Nichols 2026 interim results RNS. Adjusted operating profit grew 3.7% to £14.1 million over the same period.
Cash generation and the revised dividend policy
Cash and cash equivalents stood at £66.2 million at the half-year end, with free cash flow of £17.3 million for the six months. The original snippet had anticipated roughly £72 million of cash by the full-year end; the £66.2 million half-year figure sits ahead of that run-rate.
The interim dividend was lifted 34.7% to 20.2p per share, reflecting a revised dividend cover policy. The shares trade ex-dividend on 6 August 2026, with payment on 11 September 2026, per AJ Bell market data.
The group maintained its full-year financial guidance in the same announcement, offering no revision in either direction.
Nichols interim results 2026: international volumes add momentum
International revenues grew approximately 17% in the first half, according to a presentation at Investor Meet Company. Nichols sells its brands in over 60 countries, with a particularly strong presence in the Middle East and Africa, and runs an outsourced production model supported by long-term supplier partnerships, per the Nichols PLC investor centre.
For context, the group reported full-year 2025 group revenue of £175.1 million and adjusted profit before tax of £33.6 million. The H1 2026 revenue of £89.5 million puts the first half marginally above the comparable prior-year pace.
Where the shares stand
NICL closed at 992p before the results, down from 1,444p a year ago and recovering from a March low of 882p. The stock was trading on 13.9 times prospective earnings on the £366 million-capitalised group.
Analyst price targets range from 1,150p to 1,720p, according to TradingView analyst estimates. The lower end of that range still implies around 16% upside from the pre-results level; the upper end is more than 70% above it.
The second half typically provides Nichols with its seasonal weather tailwind. Whether a warm summer translates into volume gains material enough to prompt analyst upgrades to full-year estimates is the binary the market will be testing into the autumn reporting season.
