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(Sharecast News) - Fevertree Drinks posted a rise in interim profit and revenue on Thursday as the UK returned to growth and as US momentum built under the Molson Coors partnership.
In the six months to 30 June, total adjusted brand revenue grew 8% to £183.6m, while adjusted earnings before interest, tax, depreciation and amortisation were up 9% at £20.1m.
US revenue was 7% higher at £66.9m as the brand continued to gain value share of the mixer category at retail. The company said sales momentum built through the first half as it benefited from the increasing scale and capabilities of the Molson Coors network, supported by strong distributor engagement and enhanced merchandising execution.
In the UK, revenue ticked up 3% to £49.5m, supported by a strong Off-Trade performance, continued market share gains and favourable summer weather. Revenue in Europe rose 13% to £49.6m and Rest of World saw a 7% increase to £17.6m.
Chief executive and co-founder Tim Warrillow said: "We've made strong progress in the first half of the year. In the US, our partnership with Molson Coors is delivering, with sales momentum building, market share increasing, and our first national marketing campaign helping bring the brand to more consumers than ever before.
"It's also been encouraging to see the UK return to growth. Our new marketing campaign, 'Straight up or Mixed', landed at exactly the right time as consumers made the most of the summer weather, while products such as Ginger Beer and Mexican Lime Soda continue to demonstrate how the Fever-Tree brand can thrive whether consumers are choosing to drink alcohol or not.
"We have continued to trade well through the summer and are confident in delivering market expectations for the full year. Our diversification strategy is expanding the opportunity for the brand, while our increasingly cash-generative business model allows us to invest behind future growth and deliver attractive returns to shareholders."
At 0807 BST, the shares were down 3.2% at 791p.
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