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Shares in the AIM-listed drinks producer Fevertree (LON:FEVR) dropped by 8.01% to 2.115.77p (as of 14:00 BST) as it published results for the six months to 30th June. Revenues climbed by 13%, but there was a 130 basis point fall in gross margins.
CEO Tim Warrillow said: “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. 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. Our broad range of high-quality mixers, relationships with spirits companies, brand strength and our growing international distribution network provide us with confidence in the significant global opportunity that lies ahead for the Group.
“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“.
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