I am pleased to report the excellent trading performance seen in the first half-year has continued into the second half of 2010. This has been achieved against very strong comparatives in 2009.
Full-year 2010 revenues are once again well ahead of our internal plans, with operating margins that will be in line with plan. The Group’s balance sheet has been strengthened, and underlying cash generation will also be ahead of expectations.
In overall terms, we expect the Group’s profitability for the year to 31 December 2010 to be significantly ahead of last year and ahead of current market expectations.
Eric Healey has been appointed to the board as a non-executive director and will chair the Audit Committee.
He was previously a senior audit and independent review partner at Grant Thornton LLP, and chair of its Audit Committee. He will be replacing Nichols’ current non-executive director, John Bee, who has served since 2002 and has stepped down to enable the board to be refreshed in line with ‘best practice’.
“On behalf of everyone at Nichols, I would like to place on record our sincere thanks to John Bee, who has been an excellent member of the board, and we all wish him and his family well in his retirement,” said John Nichols, non-executive chairman. “I would also like to take this opportunity of welcoming Eric Healey to the board and we look forward to working with him in his new role.”
Source: Nichols plc
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