Interim Results

Nichols PLC
14 August 2002


Date:               Embargoed until 07.00am, Wednesday 14 August 2002



Contacts:           John Nichols, Chairman
                    Gary Unsworth, Chief Executive
                    Simon Nichols, Finance Director
                    Nichols plc
                    Telephone:      [phone]


                    Alistair Mackinnon-Musson
                    Philip Dennis
                    Hudson Sandler
                    Telephone:      [phone]
                    Email:  [e-mail]



                                Nichols plc

             Interim Results for the six months ended 30 June 2002


Nichols plc, the soft drinks, food and foodservice group, announces its interim
results for the six months ended 30 June 2002.

The group has three principal operations: Soft Drinks (primarily involved in the
manufacture and sale of soft drinks, including Vimto, throughout the world and
Sunkist in the UK), Food Products and Beverage Systems (including Nichols Foods,
the manufacturer and supplier to the vending, foodservice and retail markets;
Balmoral, supplier of hot beverage systems and Cabana, soft drinks on draught)
and Co-packing (which includes Stockpack, the group's contract food packing
operation).



The key points are:

  • Turnover increased by 5.5% to £47.78 million
  • Profit before tax was £1.6 million
  • Dividend maintained at 3 pence per share
  • Stronger management team
  • International business progressing well.



John Nichols, Chairman, commented:

'The Board remains confident that with an improved trading performance in our
traditionally much stronger second half and with four of our five businesses now
benefiting from new management, the Group's performance in the full year to
December 2002 will be ahead of the previous year. '



Please find attached:

Chairman's Statement
Tables of figures
Notes to Editors



CHAIRMAN'S STATEMENT

At the time of our Annual General Meeting in May, I commented that trading in
the first few months of the financial year, which involves the traditionally
quieter months, had been in line with last year.  I also added that in the
second half we expected to benefit from new business won by Cabana and Nichols
Foods, in addition to the normal seasonal bias in our international trade and at
Stockpack.  As I now come to report on the first six months, the picture is
little changed.

Group turnover in the first half increased by 5.5% to £47.78m (2001: £45.25m)
and profit before tax was £1.6m (2001: £1.7m), producing earnings per share of
3.18 pence (2001: 3.36 pence).  In recognition of the Board's confidence in the
second half, a maintained interim dividend of 3.00p per share will be paid on 21
October 2002 to shareholders registered on 20 September 2002.  The ex-dividend
date will be 18 September 2002.

As a result of strong control over working capital, a particular area of focus
during the first half, and the planned reduction in capital expenditure, the
Group's cash flow position has improved which has strengthened the balance
sheet.  We will also continue to concentrate on generating greater returns from
the substantial capital expenditure programmes that have been implemented across
our operations in recent years.

Although UK trading conditions remain challenging, especially in our Soft Drinks
Operation where the appalling weather has hindered progress, our international
business is ahead of last year at the halfway stage and orders for the second
half are strong.





Prospects

The Board remains confident that with an improved trading performance in our
traditionally much stronger second half and with four of our five businesses now
benefiting from new management, the Group's performance in the full year to
December 2002 will be ahead of the previous year.



John Nichols

Chairman

14 August 2002




CONSOLIDATED PROFIT & LOSS ACCOUNT


                                                             Unaudited                            Audited
                                              Half year ended        Half year ended           Year ended
                                                 30 June 2002           30 June 2001          31 Dec 2001
                                                        £'000                  £'000                £'000

Turnover                                               47,775                 45,252               94,139


Operating profit                                        2,125                  2,306                7,147
Net interest payable                                      470                    560                1,116


Profit before taxation                                  1,655                  1,746                6,031
Taxation                                                  499                    523                1,962


Profit after taxation                                   1,156                  1,223                4,069
Equity dividends                                        1,109                  1,109                3,253


Retained profits                                           47                    114                  816



Earnings per share (basic)                              3.18p                  3.36p               11.19p
Earnings per share (fully diluted)                      3.17p                  3.36p               11.17p
Dividends per share                                     3.00p                  3.00p                8.80p



Notes

Earnings per share are based on the weighted average number of shares in issue
in the six months to 30 June 2002 of 36,349,660. (Six months to 30 June 2001 of
36,383,222 and 12 months to 31 December 2001 of 36,349,660).

The interim dividend of 3.00p (2001 3.00p) will be paid on 21 October 2002 to
shareholders registered on 20 September 2002. The ex-dividend date is 18
September 2002.

The figures for 31 December 2001 are extracted from the financial statements for
that year which received an unqualified auditors' report and have been filed
with the Registrar of Companies.

The interim results have been prepared in accordance with the accounting
policies adopted for the year ended 31 December 2001 and have been approved by
the board but have not been reviewed or audited by the auditors.



CONSOLIDATED BALANCE SHEET

                                                                  Unaudited                         Audited
                                                    Half year ended      Half year ended         Year ended
                                                       30 June 2002         30 June 2001        31 Dec 2001
                                                              £'000                £'000              £'000

Fixed assets

Intangible assets                                             6,800                7,239              6,999
Tangible assets                                              35,774               35,866             36,573
Own shares                                                      670                  642                670

                                                             43,244               43,747             44,242
Current assets

Stocks                                                        9,955                9,575              8,441
Debtors                                                      21,518               21,971             21,145
Cash at bank and in hand                                      1,656                  761                635

                                                             33,129               32,307             30,221
Creditors
Amounts falling due within one year                          26,307               27,290             24,591

Net current assets                                            6,822                5,017              5,630

Total assets less current liabilities                        50,066               48,764             49,872

Creditors

Amounts falling due after one year                           11,212               10,900             11,065


                                                             38,854               37,864             38,807

Provision for liabilities and charges                         2,822                2,581              2,822

                                                             36,032               35,283             35,985

Share capital and reserves
Called up share capital                                       3,697                3,697              3,697
Share premium account                                         3,255                3,255              3,255
Capital redemption reserve                                    1,209                1,209              1,209
Profit and loss account                                      27,871               27,122             27,824

Equity shareholders' funds                                   36,032               35,283             35,985



CONSOLIDATED CASH FLOW STATEMENT


                                                             Unaudited                            Audited
                                              Half year ended        Half year ended           Year ended
                                                 30 June 2002           30 June 2001          31 Dec 2001
                                                        £'000                  £'000                £'000

Cash flow from operating activities                     6,754                  5,998               10,880

Returns on investments and servicing of                 (470)                  (560)              (1,116)
finance

Taxation                                                (791)                  (512)              (2,059)

Capital expenditure and financial
investment                                            (1,924)                (3,415)              (6,323)

Acquisitions and disposals                                  -                  (133)                (155)

Equity dividends paid                                 (2,144)                (2,144)              (3,253)

Financing                                               (404)                  6,000                7,144

Increase in cash                                        1,021                  5,234                5,118




This statement will be mailed to shareholders on or about 23 August 2002 and
copies will be available from The Secretary, Nichols plc, Laurel House, 3
Woodlands Park, Ashton Road, Newton-le-Willows, WA12 0HH after that date. Copies
of this statement are now available on the Investor Relations section of the
company's website: www.nicholsplc.co.uk.





NOTES TO EDITORS

The group has three principal operations:

Soft Drinks

Primarily involved in the manufacture and sales of soft drinks, including Vimto
(throughout the world), Indigo and the Sunkist brands.  It now operates out of
one site at Stone Cross, near Haydock. This operation supplies product to all
major retail, wholesale and cash and carry outlets in the UK as well as
exporting to over 60 countries worldwide.



Food Products and Beverage Systems



Food Products:

Nichols Foods is a major supplier of ingredients to the vending market and
following recent expansion has seen significant growth come from the foodservice
sector.



Beverage Systems:

Cabana supplies over 6000 outlets in the licensed trade, leisure and catering
markets, with soft drinks on draught, through a nationwide network and providing
first class technical support, service is their hallmark of success.

Balmoral has managed its expertise in the coffee supply business to develop
first class hot beverage systems and now has considerable presence in leading
catering and leisure outlets throughout the country.



Co-Packing



Stockpack:

Stockpack is a leading contract packing operation whose co-packing and
co-manufacturing facilities are used by many well-known 'blue chip' food and
confectionery companies. They act as a one stop solution provider and offer
total supply chain management.


                                    - ENDS -



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