Fever-Tree doubles sales in half-year results
Premium mixer company Fever-Tree has reported a “strong performance” for the first half of 2016, with revenue growth of 108% compared to the same period in 2015.
Fever-Tree reported “strong growth” across all markets during the first half of 2016In the firm’s interim results for the period ended 30 June 2016, Fever-Tree reported revenue growth of 69% to £40.6 million in comparison to the first half of 2015, when figures stood at £24.1 million.
Diluted earnings per share climbed 83% to 8.12 pence, and adjusted EBITDA grew 72% to £12.4 million. Interim dividends shot up 97% to 1.54 pence per share.
Tim Warrillow, CEO of Fever-Tree, said: “We are delighted to report that the group’s strong performance throughout 2015 has continued into the first half of 2016. Growth has continued to come from all of our regions as evidenced by further distribution gains in both the on- and off-trade, as well as continued underlying sales growth.
“We have made excellent progress in developing the optimum infrastructure, relationships and team to capitalise on the strength of our brand and market leading position as the trend for premium spirits continues to gather momentum across all our key geographies.”
While Fever-Tree reported “strong growth” across all regions, the UK remains the group’s largest market and now accounts for 39% of group sales. Growth remained strong in the on-trade, where 57% of UK revenue was achieved.
Fever-Tree also reported an “exceptional” performance within the UK off-trade, attributed to momentum from “significant distribution gains” made in the second half of 2015, the successful UK roll out of the 150ml premium can format – listed on EasyJet flights – and the addition of new distribution in the period, including supermarket Asda.
In Continental Europe the group reported revenue growth of 42% – representing 33% when adjusted for the strengthening Euro – while Western Europe’s “strong underlying performance” continued with a number of new retail listings achieved.
Fever-Tree has now appointed new importers in Spain and the Netherlands, which have established a “strong platform” for the next stage of growth in those markets.
