Mon, 08 Aug 2011 | BUSINESS NEWS
Nichols, the soft drink firm behind brands including Vimto, Sunkist and Panda, is looking for potential acquisitions, after announcing half-year figures that showed a 20.4 per cent rise in pre-tax profits.
The company saw it's reported sales rise by 14.4 per cent to £50.5 million, and its pre-tax profits rise to £7.2 million. The company's chief executive, Brendan Hynes, said that they did not yet have anything on the horizon to purchase, by were actively seeking to expand through acquisitions.
He explained, "By the end of the year we should have millions in the bank, and it's not earning much money there."
It has been estimated that the amount the company will have in its accounts will be close to £18 million. Hynes added that the company was looking for brands that are active in growth sectors, rather than at the commodity end of the scale.
The company has announced its intentions just a couple of months after sealing a drinks brand deal with Levi Roots, the founder of the dramatically successful Reggae Reggae brand of Caribbean sauce. Hynes said the deal had been particularly successful and that they were looking at pushing the deal to cater for overseas markets.
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