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26 Mar 2019 | 07:19

Fevertree profits up 38% as strong UK sales bolster performance

Premium carbonated drinks supplier Fevertree reported annual profits rose by more than a third as sales were bolstered by solid growth in the UK.

For the 12 months to December 31, pre-tax profit jumped 38% to £61.8m and revenue rose 40% to £237.4m.

The company in January said it expected to report a 39% jump in revenue to £236m. In the UK, the group's longest established market, revenues jumped by 53% to £134.2m for 2018 from a year earlier, following an 'exceptional summer,' when prolonged sunny spells and evens such as Football World Cup and Royal Wessing drove up demand. But looking ahead to 2019, Off-Trade growth was expected to moderate compared to that of 2018, though the company said it remained excited about the opportunity ahead in the UK. In the USA, the group’s second largest single market, sales grew of 21% from a year earlier, as growth in the second half accelerated. While in Continental Europe sales rose 24% and 48% in the rest of the world. The company recommended a final dividend of 10.28 pence per share, bringing the total dividend for 2018 to 14.50 pence per share, up from 10.65 pence per share last year. '2018 was a significant year for Fever-Tree. In the UK, we strengthened our position as the leading mixer brand in the Off Trade. In the US, we successfully established our own operations and the business made real progress in deepening and widening its presence in multiple European regions,' said Tim Warrillow, Co-founder and CEO of Fever-Tree. 'As the world's leading premium mixer brand with a strengthening global distribution network we are well set to drive the international opportunity as the move towards the premium long mixed drink continues to gather momentum around the world.' 'At this early stage in the year, the Group is trading in line with Board expectations and we remain excited about the size of the opportunity that lies ahead.'

Story provided by StockMarketWire.com
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