Fever-Tree Drinks Plc expects full-year results to be "comfortably ahead" of its expectations, as the premium drinks maker reported a 35% jump in first-half core earnings on the back of strong sales in the UK.
Fever-Tree, which makes flavoured tonic water and other carbonated mixers, said adjusted earnings before interest, tax, depreciation and amortisation rose to £34 million in the six months ended June 30, from £25.2 million a year earlier.
Revenue rose 45% to £104.2 million.
Major Progress
"The first half of 2018 has been one of major progress for Fever-Tree,” commented Tim Warrillow, chief executive. “The Group delivered a strong performance, most notably in the UK, as we continue to drive and lead the evolution of the wider mixer category.
“Furthermore, our relationships with key customers and spirits partners mean we are increasingly well positioned as the growing move to premiumisation and long mixed drinks continues to develop across the globe.”
Warrillow added that Fevertree recently launched its wholly-owned US operations, “with a talented team recruited and now in place. The exclusive distribution agreement with SGWS, the largest North American wine and spirits distribution company, is a significant endorsement and provides a strong platform for Fever-Tree US in 2019 and beyond.”
News by Reuters, edited by ESM. Additional reporting by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.
