Fever-Tree shares jump 10% as sales of high-end drink mixers soar
The London-based company which makes mixers ranging from premium tonic water to Madagascan cola registered 'exceptional growth' of 113 per cent in the UK
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Your support makes all the difference.Fever-Tree, the UK-based maker of posh drink mixers, has upgraded its profits forecast again after sales soared 77 per cent in the first half of the year.
The company’s share price jumped 10 per cent to 1,924p on Tuesday.
Fever-Tree has been boosted by a continued trend for gin and tonic drinking, which the company said helped sales in continental Europe grow 64 per cent in the six months to 30 June. Ginger beer has also been a hit in Italy.
The UK remained the company's key market however. Fever-Tree registered “exceptional growth” of 113 per cent in its home country. Overall, the company’s revenues hit £71.9m, while pre-tax profit more than doubled to £24m compared to the same period last year.
The London-based company specialises in mixers from premium tonic water to Sicilian lemonade, often mixed with high-end spirits.
Fever-Tree has expanded its product offering in recent months, introducing new flavours such as Madagascan cola to mix with rum and other dark spirits.
Earlier this month it agreed a global deal to sell its products across the Virgin Atlantic fleet.
In a statement on Tuesday it said the board now anticipates that the “outcome for the full year will be materially ahead of its expectations”.
Fever-Tree boss Tim Warrillow said: “We are delighted to report another strong performance in the first half of 2017, continuing the momentum seen in 2016.
“We achieved growth in all our regions, driven by further distribution gains and underlying rate of sales growth as the two key trends of premiumisation and mixability continue to gather pace globally.”
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