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(Sharecast News) - Carbonated mixers business Fevertree said on Thursday that it was currently trading in line with expectations, with "good progress" being made in the US following the announcement of its strategic partnership with Molson Coors.
Fevertree said it has continued to see "strong momentum" in the US market, with underlying brand performance "well ahead of the competition". It also noted that the transition of distribution to Molson Coors' network of distributors was underway and said that both businesses remained "highly aligned and excited" about the "significant" growth opportunity ahead.
In the UK, Fevertee said it had retained its number one position across both channels, reflecting the strength of its brand and diversity of its portfolio, while it also saw "good momentum" across multiple European markets, including the Netherlands and France, but a continuation of "more muted sales" in Germany.
Fevertree also highlighted that it has now commenced local production in Australia, supporting the momentum of the brand as it continues to grow market share.
Looking ahead, Fevertree said it remains "comfortable" with consensus expectations of "low single digit group revenue growth at constant currency" and a roughly 12% group adjusted underlying earnings margin for FY25.
As of 0840 BST, Fevertree shares were down 0.11% at 883.0p.
Reporting by Iain Gilbert at Sharecast.com
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