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Nichols - Yet another profit upgrade

February 2011

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • NICL
  • Price:
  • 492p
Nichols has developed a clockwork regularity for beating expectations. Full year revenues for 2010 are once again said to be ahead of internal plans with operating margins in line. Impressively, this period is against strong comparatives in 2009. Brewin Dolphin estimates overall sales are 16% ahead year on year, roughly half the growth through the launch of Cherry Vimto, implying near double-digit growth for the core business. Brewin has upgraded 2010 pretax profit by £1.2m to £14.7m (new eps: 28.9p) while current year profit is increased by £1.2m to £15.4m (eps 30.3p). A front page write-up last May at 360p, the shares have gained 37% but remain inexpensive, especially when stripping out expected year-end cash o ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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