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23 Jul 2019 | 09:33

Fevertree Drinks hikes dividend 23% despite sales hit from poor weather

Premium mixer retailer Fevertree Drinks posted a 7% rise in first-half profit and hiked its dividend 23%, though it said sales had been hurt by an unseasonably poor British summer.

Pre-tax profit for the six months through June rose to £35.0m, up from £32.7m on-year.

Revenue climbed 13% to £117.3m.

Fevertree declared an interim dividend of 5.2p per share, up from 4.22p on-year.

The company said it had experienced 'very encouraging momentum' in the US, with notable national distribution gains in the first half of the year.

'It has been an encouraging first half for the group with growth across all our four regions, most notably in the US, where we have made significant distribution gains and operational progress,' chief executive Tim Warrillow said.

'While we have not been immune to the impact of the unseasonably poor weather in the UK, we have further strengthened our market leadership position within the UK and have seen positive momentum in Europe and the rest of the world reflecting our increasingly global footprint.'

'The move to long mixed drinks is gathering momentum and starting to win share from beer and wine.'

'Whilst we remain mindful of the tough comparators over the remainder of the summer in the UK, the board anticipates that the outcome for the full year will be in line with its expectations.'

At 9:33am: (LON:FEVR) Fevertree Drinks Plc share price was -190p at 2110p

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