Slide 1: Full Year Presentation
FULL YEAR PRESENTATION MARCH 2025 1
Slide 2: Agenda
AGENDA 01 Strategic & Operational Review: Andrew Milne, CEO 02 Financial Review: David Taylor, Finance Director 03 Looking Ahead: Andrew Milne, CEO 04 Q&A Andrew Milne, CEO and David Taylor, Finance Director ANDREW MILNE DAVID TAYLOR 2
Slide 3: 2024 Highlights
2024 HIGHLIGHTS 01 02 03 Strong Packaged UK Packaged value Strong GM% revenue growth in line and volume growth progression with strategy 04 05 06 Accelerated investment Adjusted PBT growth Increased in the brand +15.6% Shareholder returns 3
Slide 4: Strategic & Operational Review
STRATEGIC & OPERATIONAL REVIEW
Slide 5: Our Strategy Is Clear and Focused
OUR STRATEGY IS CLEAR AND FOCUSED ACCELERATE GROWTH IN OUR PACKAGED BUSINESS DRIVE BOTTOM LINE VALUE FROM OUT OF HOME MORE FROM THIRST FUEL FOR HAPPIER THE CORE FOR NEW GROWTH FUTURE Accelerating organic Driving incremental Fuel growth through Building a happier growth through distribution growth th
Slide 6: UK Packaged Soft Drinks Market
UK PACKAGED SOFT DRINKS MARKET
Slide 7: A Resilient UK Soft Drinks Market
A RESILIENT UK SOFT DRINKS MARKET • Inflation driving value as volume growth returns • Water strong performer as Sports falls out of top performers TOTAL TAKE HOME WATER ENERGY FRUIT JUICE WINNERS VALUE VALUE VOLUME VALUE VOLUME VALUE VOLUME +3.8% +11.1% +8.6% +6.7% +1.9% +5.7% -6.8% Value £13.5bn V
Slide 8: Vimto in Growth Across All Sub Categories
VIMTO IN GROWTH ACROSS ALL 3 SUB CATEGORIES Squash Flavoured Carbs RTD Still Juice £121.2M RSV Value +3.3% Volume +3.0% VALUE VOLUME VALUE VOLUME VALUE VOLUME +2.1% +2.6% +0.1% +0.4% +5.0% +5.7% Soft Drinks VALUE VOLUME VALUE VOLUME VALUE VOLUME Market -0.7% -1.7% +2.9% -1.9% +3.0% -0.8% Internal sa
Slide 9: Strategy in Action: More From the Core (UK Packaged)
STRATEGY IN ACTION MORE FROM THE CORE CATEGORY STRATEGY BRAND INVESTMENT DRIVING DISTRIBUTION •• Consumer Research Driven Organic growth • Biggest Ever Campaign • Increased Visibility & • Building Brand Penetration Availability •• Customer Collaboration Portfolio expansion • Future Growth • New Cust
Slide 10: Strategy in Action: Thirst for New (UK Packaged)
STRATEGY IN ACTION THIRST FOR NEW VIMTO ACCELERATION LICENSED EXPANSION TARGETED M&A • Upweighted Investment • Licensed Category Expansion • UK Packaged Focused • Innovation Focus • Taste Appeal • Value Add Acquisition UK PACKAGED 10
Slide 11: Strategy in Action: More From the Core (International)
STRATEGY IN ACTION MORE FROM THE CORE RAMADAN EXECUTION LOCALISED PRODUCTION NICHOLS SENEGAL • Strong Execution • Concentrate Model • Feet on the Street • World Class Campaigns • Supply Risk Mitigation • Regional Hub • Emotional Connection • ESG Benefits • Marketing Support INTERNATIONAL 11
Slide 12: Strategy in Action: Thirst for New (International)
STRATEGY IN ACTION THIRST FOR NEW PORTFOLIO GROWTH AFRICAN MARKETS MALAYSIA • New Flavours • Sierra Leone Launch • Launch Into New Geography • Health - Fortification • PET Focus • 1L Squash in over 3000 Stores • Drive Penetration • Increased Marketing • Strong Marketing Launch Plan INTERNATIONAL 12
Slide 13: Strategy in Action: Fuel for Growth
STRATEGY IN ACTION FUEL FOR GROWTH OUT OF HOME ERP LAUNCH • Simplified Operating Model (+35% PBT vs 2023) • ERP system change to SAP 4 Hana – Go Live Spring '25 • Efficiencies delivered to plan – reinvestment in • Benefits include: Packaged o Supply Chain and Procurement Efficiencies • Range Expansi
Slide 14: Strategy in Action: Happier Future
STRATEGY IN ACTION HAPPIER FUTURE EVERYONE PRODUCTS WE’RE OWNING OUR MATTERS PROUD OF CLIMATE IMPACT • Embedded Wellbeing Forum • Achieved 51% rPET content on all • Commenced production in Senegal plastic bottles in UK • Achieved Integrum 'A' rating • Delivered 28% reduction in carbon • 100% of prim
Slide 15: Financial Review
FINANCIAL REVIEW
Slide 16: Financial Highlights
FINANCIAL HIGHLIGHTS Strong progress on all key financial metrics in line with strategic ambition 16
Slide 17: Revenue
REVENUE Volume and value delivering an increase in revenue to £172.8m 5.3 1.3 0.5 170.7 172.8 (1.4) • Group revenue +1.2% (LFL +5.2%) (3.6) • UK Packaged +6.3% • International Packaged +0.8% (LFL +8.2%) o ME +9.6% £m o Africa –6.3% (LFL +8.3%) o ROW +5.8% • Packaged business +4.4% (LFL +7.0%) • OoH
Slide 18: Segmental
SEGMENTAL Profit growth delivered by all our businesses o Total Packaged profit +£4.3m Total Out of Operating Profit (+11.9%) UK International Packaged Home Central Profit Interest Before Tax 2024 £m £m £m £m £m £m £m £m o 30.6% ROS Revenue 89.2 43.6 132.8 40.0 - 172.8 - 172.8 o OoH profit +£1.7m (+
Slide 19: Adjusted Profit Before Tax
ADJUSTED PROFIT BEFORE TAX Gross profit increase supports increased investment and PBT growth o Gross profit 6.7 31.4 o Gross profit +£6.7m 0.6 o Gross margin increase from 42.2% to 45.7% 0.6 27.2 (0.6) (2.5) o Increase driven in Packaged o OoH maintained despite revenue decrease £m o Volume, mix an
Slide 20: Exceptional Items
EXCEPTIONAL ITEMS Investment in Business Change Programme 2024 2023 Business Change Programme and Systems Development £7.6m £1.7m Historic Incentive Scheme (£0.2m) (£0.6m) Out of Home Strategic Review - £1.8m 20
Slide 21: Net Cash
NET CASH Strong cash maintained to support growth 30.8 o Strong cash position maintained (7.4) o Adjusted EBITDA £30.8m +11.7% 67.0 2.5 0.4 (0.7) o Exceptional cash out £7.4m - ERP £m (31.2) (1.6) 53.7 (6.1) o Ordinary dividend £11.2m o Special dividend £20.0m o Working capital well controlled FY23
Slide 22: Capital Allocation and Dividends
CAPITAL ALLOCATION AND DIVIDENDS Ability to deliver strategy and create shareholder value Investment Progressive Potential Surplus cash Capital Allocation in profitable ordinary M&A returned to growth dividend shareholders Dividend 2x 64.0p 17.1p 32.0p cover Adj. EPS (basic) final dividend total div
Slide 23: Looking Ahead
LOOKING AHEAD
Slide 24: Strategic Focus UK Packaged
STRATEGIC FOCUS UK PACKAGED IGNITING INNOVATION ENERGY EXPANSION ENHANCED BRAND BUILDING • New Squash Sub Brand – • Ensuring Presence & • Bigger Multi-Faceted Wonder fuel – 3 Flavours – Availability Campaign Q1 25 Launch • Multi Channel Strategy • Winning With Shoppers • Beyond the Bottle – Hydratio
Slide 25: Strategic Focus International
STRATEGIC FOCUS INTERNATIONAL MIDDLE EAST MALAYSIA AFRICA • Organic growth – TV Advertising • Advertising Campaign • West Coast production • Innovation • Consumer off-take • Phase 2 – Ivory Coast With • New Territory Current Partner 25
Slide 26: Strategic Focus West Africa Case Study
STRATEGIC FOCUS WEST AFRICA CASE STUDY 1. The Scale of Our Business • Vimto's Africa business stands at 60 million litres, with Red Can accounting for 30 million litres (50%). • We have 11 Key Red Can VIMTO countries in West Africa. 2. Strategic Expansion Plan • Phase 1: 24/25: Senegal to serve 6 co
Slide 27: Strategic Focus Happier Future
STRATEGIC FOCUS HAPPIER FUTURE EVERYONE PRODUCTS WE’RE OWNING OUR MATTERS PROUD OF CLIMATE IMPACT • Employee Value Proposition • Sustainable Packaging Roadmap • Carbon and Water footprint mapping • Camp Vimto 2025 • DRS readiness • Direct and indirect emissions reduction 27
Slide 28: Summary & Outlook
SUMMARY & OUTLOOK
Slide 29: Our Medium-Term Financial Ambition
OUR MEDIUM-TERM FINANCIAL AMBITION 2024 results show strong progression versus our financial ambitions. FY23 Actual FY24 Actual Medium-Term Ambition Change (Organic) Revenue £170.7m £172.8m £225m +30% Profit margin Adjusted profit before tax 15.9% 18.2% 20% +250bps Profit before Tax Adjusted £27.2m
Slide 30: Summary and Outlook
SUMMARY AND OUTLOOK • Strong financial performance • A resilient soft drinks category • Clear and focused strategy - Accelerate growth in Packaged business - Drive bottom line value from OoH - Continued focus on driving efficiencies through Operational Change and Business Transformation • Confident
Slide 31: Questions
QUESTIONS
Slide 32: Appendices
APPENDICES
Slide 33: Consolidated Income Statement
Audited Audited Year ended Year ended CONSOLIDATED 31 December 31 December 2024 2023 £’000 £’000 Continuing operations INCOME Revenue 172,809 170,741 Cost of sales (93,855) (98,565) Gross profit 78,954 72,176 STATEMENT Distribution expenses (10,214) (9,567) Administrative expenses (47,249) (40,323)
Slide 34: Consolidated Statement of Financial Position
Audited Audited 31 December 31 December 2024 2023 CONSOLIDATED ASSETS £’000 £’000 Non-current assets Property, plant and equipment 8,743 9,457 Intangibles 175 256 STATEMENT Pension surplus 3,721 4,014 Total non-current assets 12,639 13,727 Current assets Inventories 9,322 8,809 OF FINANCIAL Trade an
Slide 35: Consolidated Statement of Cash Flows
Audited Audited Year ended Year ended 31 December 2024 31 December 2023 CONSOLIDATED £’000 £’000 £’000 £’000 Cash flows from operating activities Profit for the financial year 17,838 18,362 STATEMENT Adjustments for: Depreciation and amortisation 1,909 2,343 Loss on sale of property, plant and equip