Fevertree results impress

Shares in AIM-listed mixers specialist Fevertree Drinks (LON:FEVR) rose by 5.42% by 2,430p (as of 12:30 GMT) despite revenues for the year ended 31st December dropping by 3%. Sales in the UK dropped by 22% and this was not outweighed by strong improvements in the US and the Rest of the World.

CEO Tim Warrillow commented: “I am very proud of how the Fever-Tree team has responded over the course of 2020 and the results that we have delivered. The last twelve months have highlighted the strength of the Fever-Tree brand amongst our consumers and customers as well as the fantastic team and partners we have in place. We made a conscious decision not to furlough any of the team while continuing to invest in the opportunity ahead and this has positioned us well as we look beyond the current uncertainty.

“The COVID-19 pandemic has thrown up many challenges but it has also accelerated the trends we have been talking about for a number of years – namely the growing interest in premium spirits and long mixed drinks as at-home mixing has taken hold not only with consumers but retail and spirits partners alike. Our ability to capitalise on and drive this trend has seen Fever-Tree reach more households and become a feature in more fridges worldwide than ever before.

“While our performance across the Off-Trade in the UK and Europe has been very encouraging, special mention must be made of our performance in the US, Australia and Canada, where we have seen outstanding growth in the past twelve months underlining the global opportunity still ahead for the brand. I am of course mindful that uncertainty remains especially in terms of the timing of reopening of the On-Trade across many markets but our performance over the last year, combined with our track record against the competition and the supportive global trends gives us confidence in the future growth potential for Fever-Tree“.