Fever-Tree revenue fizzes higher after stellar Christmas and summer
The premium mixer maker saw the fastest growth occur in the UK.
Fever-Tree has reported another year of rapid growth as consumers snapped up its mixers during the heatwave and the busy Christmas period.
In a trading update, the group said full-year revenue for 2018 was around £236 million, an increase of 39%.
The group’s board expects full-year results to be comfortably ahead of its expectations.
Shares in the company were up almost 9% in early trading at 2,830p.
The UK was the fastest growing market, with sales up 52% as a result of an “outstanding” summer and strong Christmas.
Meanwhile, the US saw 21% growth during the period in which the company took control of its American operations.
Fever-Tree brought the division under direct management in June, appointing a dedicated chief executive for the market.
The company said the move had helped boost momentum in the second half. It has also signed an exclusive deal with North America’s largest drinks distributor Southern Glazer’s.
Group chief executive Tim Warrillow said: “We are particularly encouraged by the progress to date in the USA and the strong platform for further growth this provides.”
In continental Europe, revenue jumped 24% while the rest of world division saw 48% growth.
Mr Warrillow said: “Drinking habits are changing. The rise of premium spirits and the advent of premium mixers has reinvigorated and re-established the quality and enjoyment of the long-mixed drink, be it a gin & tonic, vodka & ginger beer or whiskey & ginger ale to name but a few.
“Fever-Tree is at the forefront of this trend, broadening the appeal of the spirits category, drawing in new consumers and with it providing a genuine alternative to the beer and wine occasion.”