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Fever-Tree profits double in first half of 2017
Premium mixer producer Fever-Tree more than doubled its profits in the first half of 2017, reporting strong growth across all regions and channels.
Fever-Tree’s H1 results prove there’s an insatiable thirst for premium mixers globally
Fever-Tree reported revenues in the six months leading to 30 June were 77% higher at £71.9 million compared to the same period last year (£40.6m). Pre-tax profits soared by 104%, reaching £24.1m.
The company praised strong growth across all regions, channels and flavours, with “exceptional growth” in the UK (up 113%) attributed to distribution gains across the nation.
Fever-Tree said it has driven 99% of value growth throughout the UK mixer category within retail in the last 12 months, and now holds 30% value share.
Other factors cited for the company’s continued gains include expanded distribution of its 150ml formats, new retail and distribution listings globally, plus a new bottling partner in Spain to cater for Southern European markets.
In Europe, the company reported revenue growth of 64%, driven by particularly strong performances across several Western European markets.
In the US, profits grew 43% – and tonic and ginger beer flavours are growing in popularity as premium gin and tonic, and Moscow Mule serves grow more favourable.
Throughout the rest of the world, sales were up 45% with traction building in Australia and Canada, as well as growth in South Africa and Colombia.
Tim Warrillow, CEO of Fever-Tree, said: “We are delighted to report another strong performance in the first half of 2017, continuing the momentum seen in 2016.
“We achieved growth in all our regions, driven by further distribution gains and underlying rate of sales growth as the two key trends of premiumisation and mixability continue to gather pace globally.
“We continue to invest and improve our infrastructure, relationships with key suppliers and customers as well as adding to our senior team.
“Given the strong performance in the first half of the year, the board anticipates that the outcome for the full year will be materially ahead of expectations.”