Fevertree’s first-half revenue was broadly flat at £172.9mn ignoring currency impacts, which fell short of market expectations.
Double-digit revenue growth in the US and the Rest of the World was offset by declines in the UK and Europe, where unfavourable weather in the second quarter and the timing of shipments weighed on performance. Despite this, Fevertree gained market share across all regions.
Underlying operating profit rose from £0.6mn to £12.2mn as shipping rates, energy costs, and wider inflationary pressures eased.
Free cash flow improved from an outflow of £7.3mn to an inflow of £22.1mn. Net cash, including lease liabilities, was £59.7mn at the half-year mark.
Markets are now expecting full-year revenue to grow by 2-3%, down from the 8% growth management guided to at start of the year.
An interim dividend of 5.85p per share was announced, up 2%.
The shares fell 6.7% following the announcement.
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Fevertree key facts
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