Fever-Tree delays preliminary results announcement

Leading tonic and mixer producer Fever-Tree has postponed announcing its preliminary results for at least two weeks due to the coronavirus pandemic.

Fever-Tree has delayed announcing its preliminary results as advised by the FCA

Fever-Tree had been due to announce its preliminary results for the year ended 31 December 2019 yesterday (24 March).

However, following advice from the FCA (Financial Conduct Authority) the group has delayed publishing its preliminary results.

In a statement, Fever-Tree said: “Notwithstanding tough comparators in the UK, the group has made a solid start to the new financial year, with trading in the first two months in line with the board’s expectations, with the US in particular seeing strong trading.

“However, given the current high level of uncertainty it is too early to quantify the impact the covid-19 crisis will have on the outturn for the remainder of the 2020 financial year and therefore the board is not able to provide financial guidance at this stage.

“Our focus, first and foremost, is on the health and wellbeing of our employees, customers and partners across all our regions. Whilst we will face challenges in the coming months, financially the group is extremely secure.

“We are debt-free, with a year-end cash position of £128 million [US$152m] underpinned by strong cash flows. The group’s unique asset light, outsourced business model means we have a low fixed cost base, a small, dedicated team and the flexibility to manage the significant challenges ahead.

“The group will await further guidance from the FCA with regard to the timing of the publication of its preliminary results.”

In January, Fever-Tree estimated its 2019 UK sales had fallen by 1% after the market witnessed a “challenging Christmas” period with a slowdown in consumer spending.

Earlier this month, Fever-Tree launched a new range of low-calorie flavoured sodas to attract health-conscious consumers.