released a trading update on Wednesday which revealed it was on track for group wide growth, with US in particular ahead of expectations, despite a slowdown in UK Off-Trade.
The AIM-listed premium mixer supplier said it expects growth of about 34% in the US, and production on the West Coast to start in 2020, after signing with a US bottling partner.
It also revealed growth expectations of about 19% in Europe, and growth of about 35% in the Rest of World region, with increasing value share in Australia and Canada in particular.
The firm gave a revenue guidance of between £266m-£268m, and said margin expectations were unchanged.
Tim Warrillow, CEO, said: "We continue to see growth across all four regions. Indeed, sales accelerated in our key growth markets of the US and Europe. Fever-Tree's progress in the US is particularly encouraging and the signing of a US bottling partner is a further step in building our operations in this exciting market.”
Shares in Fevertree jumped 11.43% to 2068p during Wednesday morning trading
Mr. Warrillow added: “Despite challenging comparators, our performance in the UK On-Trade underlines the strength of the brand and while the mixer category in the Off-Trade is moderating alongside the recent slowdown seen across the wider grocery channel, we continue to maintain our clear UK market leadership position."
Fevertree expects about 2% growth in the UK, and said its leadership position of 38% value share was maintained, compared to premium competitors who collectively remain at below 5% value share.
The firm said UK Off-Trade performance was behind expectations, reflecting “a wider slowdown in consumer retail spending”, but that its On-Trade business, which accounts for half of UK revenue, was performing well with growth across major national accounts.
Fevertree said while the tonic range still remains a key focus, but it sees “increasing opportunities and interest” from customers and consumers in its broader range of mixers for 2020.
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