Fevertree Drinks Plc - Interim Results
Fever-Tree, the world's leading supplier of premium carbonated mixers today announces its Interim Results for the period ended 30 June 2019.
· Revenue up 13% to £117.3m (H1 2018: £104.2m)
· Gross margin of 51.9% (H1 2018: 53.2%)
· Adjusted EBITDA1 up 8% to £36.7m (H1 2018: £34.0m)
· Net cash at period end of £104.1m (H1 2018: £56.4m)
· Diluted EPS up 7% to 24.30 pence (H1 2018: 22.72 pence)
· Interim dividend up 23% to 5.20 pence per share (H1 2018: 4.22 pence)
1 Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation, share based payment charges and finance costs
· Continued growth across all four regions
· Strengthened our position as the no. 1 brand across the UK mixer category, driving growth in both the Off and On-Trade*
· Very encouraging momentum in the US with notable national distribution gains in the first half of the year
· Significant Off-Trade distribution wins secured in key European markets
· Acceleration of growth in Australia and Canada, reflecting the Group's growing global footprint
· Ongoing investment in marketing and capability to support our growth across all regions
* (IRI - Total UK Retail Mixer Market value share - 13 weeks to 16/6/19). (CGA - Packaged Mixers 52 weeks to 18/5/19))
Tim Warrillow, CEO of Fever-Tree 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."