Vimto maker Nichols plc has announced its chief executive is to leave the board and issued a trading update showing how the Covid-19 pandemic has hit trading hard.
Marnie Millard OBE is to leave the Merseyside -based firm in January after seven years in the post, to be replaced by current chief operating officer Andrew Milne.
The group made the announcement in interim results released on Wednesday morning, also revealing to the markets the hit that the Covid-19 pandemic has had on the firm.
That saw profits before tax drop steeply by almost 80% - to just £2.9m. Group revenue also fell by 17.3% to £59.2m.
That's despite the Vimto brand achieving "strong growth", with a "resilient cash performance through an unprecedented period".
John Nichols, non-executive chairman, said: "Our first and most important objective through this unprecedented period has been the protection and wellbeing of our employees and customers.
"Throughout these most difficult of times, our colleagues have once again demonstrated their values and commitment and I would like to wholeheartedly thank everyone for their current and future efforts.
"In light of the ongoing impact to the financial results of the group due to the global pandemic, the board remains pleased with the group’s performance.
"Although the immediate future remains uncertain, we are confident in Nichols’ ability to emerge from this period well-placed to continue to deliver the group’s long-term strategic plan.
"On behalf of the board I would like to thank Marnie for her significant contribution to the group over the last seven years and wish Andrew every success in leading the business during the next phase of its development. Marnie will now commence her handover to ensure a smooth transition.”
The statement added that uncertainty "remains concerning" for the rest of the year, particularly in terms of the degree to which the Out of Home advertising sector will recover - and the development of the pandemic in Africa.
It added that as a result, the company is still not in a position to provide financial guidance for the rest of 2020 and beyond.
