Moscow Mule trend lifts profits at UK drinks maker Fever-Tree
Upmarket carbonated drinks producer Fever-Tree is toasting a fizzing set of financial results that have seen revenues climb 62 per cent since the firm floated in November.
The firm, which produces soda mixers for alcoholic drinks, said yesterday that its revenue in the first six months of the year climbed to £24.1m, up 62 per cent on last year. Revenues from the UK, US and Europe all grew in excess of 60 per cent.
Its profit before tax jumped to £6.6m from £1.1m.
The Moscow Mule cocktail trend drove ginger beer sales in the US, the firm said, where sales were also boosted by a rise in popularity for gin and tonic.
“The group remains ideally positioned to benefit from the ongoing global trend to greater premiumisation and look to the future with confidence as we continue to deepen our penetration in our existing markets while exploring new market opportunities,” said chief executive Tim Warrillow.
Fever-Tree’s new tonic and naturally light tonic in 150ml can format launched in Sainsbury’s in June, in Waitrose in July. It is also on board in British Airways First Class and Club World cabins and in its UK lounges.