Interim Results
Fever-Tree, the world's leading supplier of premium carbonated mixers today announces its Interim Results for the period ended 30 June 2018.
Financial Highlights:
· Revenue up 45% to £104.2m (H1 2017: £71.9m)
· Gross margin of 53.2% (H1 2017: 54.5%)
· Adjusted EBITDA1 up 35% to £34.0m (H1 2017: £25.2m)
· Net cash at period end of £56.4m (H1 2017: £40.5m)
· Diluted EPS up 36% to 22.72 pence (H1 2017: 16.72 pence)
· Interim dividend up 40% to 4.22 pence per share (H1 2017: 3.01 pence)
Operational Highlights:
· Transition to wholly-owned operations in the US on 1 June 2018 with the Fever-Tree US team now directly managing marketing, sales and distribution efforts
· Further strong growth in UK, extending our position as the No 1 mixer brand in the UK Off-Trade*
· Successful roll out of the Refreshingly Light low-calorie range in the UK
· New distribution agreement with Grupo Damm for the Spanish market
· Further strengthening of the Board with three non-executive Directors appointed during the period with a breadth of relevant beverage and international experience
· Successful sponsorship of the inaugural Fever-Tree Championships at Queen's Club, London
* (IRI - Total UK Retail Mixer Market value share - 13 weeks to 17/6/18).
Post Period End:
· Agreement signed with Southern Glazer's Wine and Spirits ("SGWS"), the largest North American wine and spirits distribution company, to be the Group's exclusive distribution partner in the On-Trade channel across 29 US states effective from 1 August 2018
Tim Warrillow, CEO of Fever-Tree said:
"The first half of 2018 has been one of major progress for Fever-Tree. The Group delivered a strong performance, most notably in the UK, as we continue to drive and lead the evolution of the wider mixer category. Furthermore, our relationships with key customers and spirits partners mean we are increasingly well positioned as the growing move to premiumisation and long mixed drinks continues to develop across the globe.
We have successfully launched our wholly owned US operations with a talented team recruited and now in place. The exclusive distribution agreement with SGWS, the largest North American wine and spirits distribution company, is a significant endorsement and provides a strong platform for Fever-Tree US in 2019 and beyond.
Given the strong performance in the first half of the year, the Board anticipates that the outcome for the full year will be comfortably ahead of its expectations."
1 Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation, share based payment charges and finance costs