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Fever-Tree annual profit falls; reinstates guidance, touts recovery ahead for on-trade
StockMarketWire.com
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Carbonated drinks maker Fever-Tree reinstated guidance on expectations that momentum in its on-trade business will return as Covid-19 restrictions are lifted.
Revenue growth was expected to be between 12% to 16% in 2021, with gross and EBITDA margins consistent with FY20.
'While we would expect some of the Off-Trade demand to switch to the On-Trade as it begins to re-open, we estimate that the Off-Trade will remain strong,' the company said.
The update comes as the company reported 28.9% decline in pre-tax profit to £51.6 million for the year through 2020. Revenue declined 3% to £252.1 million.
The company proposed full year dividend of 15.68 pence per share, an increase of 4% year-on-year.
In the UK, the on-trade channel reduced to 25% of UK sales in 2020, from 51% last year, whilst the US, increased to 23% of group revenue, up from 18%.
'The Off-Trade is likely to moderate as the On-Trade recovers, but we firmly believe that we will continue to benefit from the progress we have made in this channel across our regions in 2020,' it added.
Story provided by StockMarketWire.com
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