Fever-Tree Drinks PLC has released a trading update ahead of its Annual General Meeting, highlighting its continued market share gains and topline growth. The company is optimistic about its full-year expectations and is gearing up for the key summer trading period with various marketing initiatives and activations.
In the UK, Fever-Tree has strengthened its leading position in the category, driven by its broad portfolio and innovation catering to the growth of Rum, Vodka, and other spirit categories. The popularity of its cocktail mixers, particularly the Mojito and Margarita serves, has contributed to this success.
In the US, Fever-Tree remains a significant contributor to growth within the carbonated mixer category at retail, maintaining its number one position in the Tonic and Ginger Beer categories. In Europe, the brand is experiencing good underlying momentum, especially in Italy, France, and Denmark. The company's expansion of its portfolio to cater to popular serves, such as the Paloma, has been well-received.
The ROW region is expected to deliver strong growth in FY24 following the establishment of a new subsidiary model in Australia. Fever-Tree continues to be the world's leading supplier of premium carbonated mixers by retail sales value, with distribution to over 85 countries worldwide. The brand was launched in 2005 to provide high-quality mixers catering to the growing demand for premium spirits, and it now sells a range of carbonated mixers to various establishments.
Overall, Fever-Tree's trading update reflects its positive performance across different regions, with a strong focus on innovation and portfolio expansion to meet evolving consumer preferences.