28th Jan 2021 12:00
(Alliance News) - Fevertree Drinks PLC on Thursday reported a "resilient" performance in 2020 and strong second half trading across its key markets despite ongoing challenges posed by the pandemic.
The London-based producer of premium drink mixers said total 2020 revenue was down 3% to GBP252.1 million from GBP260.5 million the year prior. At its interim results in September, Fevertree said it expected full-year revenue to be between GBP235.0 million and GBP243.0 million.
The "resilient" showing was underpinned by strong sales and strategic progress in the off-trade and e-commerce channels across its regions which helped mitigate widespread on-trade closures during the year, it added.
The on-trade market comprises outlets such as bars, restaurants and clubs, while off-trade is focused on at-home consumption
Fevertree said its UK revenue for 2020 was down 22% to GBP103.3 million from GBP132.6 million in 2019, with off-trade sales up by 20% and on-trade sales declining by 60% year-on-year.
Meanwhile, US revenue rose 23% to GBP58.5 million from GBP47.6 million in 2019, European revenue grew by 1% to GBP65.3 million from GBP64.4 million and the Rest of World saw a revenue increase of 58% to GBP25.0 million from GBP15.8 million.
Fevertree said it remains in a strong financial position, with a robust balance sheet underpinned by group cash of GBP143 million, a 12% increase from 2019.
"While our performance across the off-trade in the UK and Europe has been very encouraging, special mention must be made of our performance in the US, Australia and Canada, where we have seen outstanding growth in the past twelve months underlining the global opportunity still ahead for the brand," said Chief Executive Tim Warrillow.
Looking ahead to 2021, Warrilow added: "I am of course mindful that uncertainty remains especially in terms of the timing of reopening of the on-trade across many markets but our performance over the last year, combined with our track record against the competition and the supportive global trends gives us confidence in the future growth potential for Fevertree."
Fevertree plans to publish its full-year results on March 18.
Shares in Fevertree were up 4.1% at 2,400.00 pence in London on Thursday.
By Zoe Wickens; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Fevertree