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Fever-Tree sets sights on dark spirits as sales jump 66%
Fever-Tree has confirmed its full-year revenue for 2017 grew 66% compared to the previous year and said it intends to “reinvigorate” dark spirits with its range of mixers.
Fever-Tree plans to “reinvigorate” the dark spirits category with its range of mixers
Fever-Tree reported that revenue for the year ending 31 December reached £170.2 million (US$236.2m) – up from £102.2m (US$141.8m) in 2016.
The group noted “continued strong growth” across all regions, channels, flavours and formats, with a particularly “exceptional performance” in the UK where sales almost doubled (up 96%).
In the US, sales rose 39%, benefiting from incremental distribution gains in the latter half of 2016 and new retail listings in 2017.
In Continental Europe, the brand enjoyed 44% growth while the rest of the world region – including 35 markets such as Australia and Canada – grew 57%.
Tim Warrillow, co-founder and CEO of Fever-Tree, said: “Whilst this is a notable achievement, there remains significant opportunity in front of us across all our regions as Fever-Tree continues to drive the evolution of the mixer category.
“We have had an encouraging start to the year. Our first mover advantage, pioneering approach, brand strength, penetration and relationships mean we are ideally positioned to be able to take advantage of the opportunities ahead.”
Now, Fever-Tree plans to build on the success of its Smoky Ginger Ale and Spiced Orange Ginger Ale expressions, designed to be mixed with dark spirits, which comprises 60% of the global premium spirits category.
Fever-Tree said in its release: “We have been very pleased with the initial launch of the extended spirits range which has reinforced our belief that, in much the same way we approached the gin category over 10 years ago, an exciting opportunity exists to work alongside these brands to reinvigorate the dark spirits category.
“Within the dark spirits category we are seeing clear evidence that the same trends of premiumisation and mixability that are driving the rise of premium gin and tonic consumption are also emerging.”