FY21 Interim Results to 30 June 2021

FY21 Interim Highlights

· Strong sales growth delivered across all Fever-Tree's key markets in the first half of the year with revenue growth of 36% year-on-year

· Off-Trade sales exceeded expectations across our regions, remaining above pre-COVID levels, with Fever-Tree extending its premium market-leading position in the UK, US, Europe and RoW

· On-Trade sales have performed well as markets started to recover during the second quarter

· Strong continued momentum in the US across both channels, with new distribution and product launches supporting growth in sales and brand awareness

· The Group continues to make good strategic progress:

o  Successful launches of the Premium Soda range in the UK On-Trade, Lime & Yuzu Soda and Distillers Cola in the US, and Rhubarb & Raspberry Tonic across Europe

o  Scaling up US glass bottling capabilities to full production on the West Coast, with East Coast bottling to be commissioned during the second half of the year

o  Continued integration of GDP in Germany following the acquisition last year, which is already contributing well to Fever-Tree's growth in the market

Financial highlights

· As highlighted in July, gross margins were significantly impacted by on-going global logistics disruption and cost pressures, contributing to a 270bps reduction in gross margin for the first half of the year, notably in relation to elevated trans-Atlantic freight charges and US storage costs. We have taken a number of actions to mitigate these pressures but as stated previously, we expect disruption and elevated logistics costs to continue to impact through the remainder of this financial year and into 2022.

· Adjusted EBITDA increased by 22.7%. However, the dilution in gross margin, coupled with maintained levels of underlying operating expenditure has resulted in a reduction in adjusted EBITDA margin to 20.6%

· Net cash of £133.2 million at period end despite investment in working capital as we built inventories to mitigate supply chain disruption

· Recommending an interim dividend of 5.52 pence per share, an increase of 2% year-on-year

· Reiterating guidance from July; FY21 revenue £295 – £304m and EBITDA c.20%

Tim Warrillow, CEO of Fever-Tree, commented

“I am pleased to report an excellent sales performance for the first half of the year. Our ambition and confidence in the global opportunity continues to grow and we have been encouraged by the initial re-opening of the On-Trade, the ongoing strength of the Off-Trade with sales exceeding pre-Covid levels across all our regions, as well as the response to our new product launches, all of which is a testament to our increasing brand strength, growing presence, marketing investments, and relationships across the industry.

We believe the Group is emerging from the pandemic in a very strong position. Throughout the last 18 months we have maintained our long-term focus and therefore continued to invest in our team, our innovation and the brand, which was enabled by the financial strength and operational agility of the business. While some material impacts of the pandemic remain, the business is increasingly well placed to deliver our plans for long-term growth.

Looking ahead, the long-term opportunity for Fever-Tree continues to be enhanced by the structural trends we are seeing, including the growing interest in premium mixers and spirits, and the popularity of long mixed drinks. These trends are being supported by our retail and spirit partners, and Fever-Tree's ability to capitalise and drive this opportunity is unmatched by any other premium mixer brand.”

There will be live audio webcast on Wednesday 15^th September 2021 at 10:00am BST. The webcast can be accessed via:

https://www.investis-live.com/fever-tree/6125122ac746d50a009e3864/vbhf

For more information please contact:

Investor queries

Ann Hyams, Director of Investor Relations I   ann.hyams@fever-tree.com   I +44 (0)2045 168 106

Media queries

Oliver Winters, Director of Communications I   oliver.winters@fever-tree.com   I +44 (0)770 332 9024

Nominated Advisor and Joint Broker – Numis Securities

Garry Levin I Matt Lewis I Hugo Rubinstein I +44 (0)20 7260 1000

Joint Broker – Investec Bank plc

David Flin I Alex Wright I +44 (0)20 7597 5970

Communication advisers – Finsbury Glover Hering

Faeth Birch +44 (0)7768 943 171; Anjali Unnikrishnan +44 (0)7826 534 233; Amanda Healy +44 (0)7795 051 635