Premium drink mixer brand Fever-Tree has reported growth across its markets in 2024 as it looks to pounce on the key summer selling season.
The London-listed firm said in a trading update on Thursday that it continued to gain market share across the world and grow its top line so far this year, reiterating its full-year expectations.
Fever-Tree said it had “strengthened its category leading position” in the UK, driven by its “broad portfolio” that caters to the growth of Rum, Vodka and other spirits.
It added that its cocktail mixers were also “gaining popularity” in the UK, led by its Mojito and Margarita serves.
The news comes as Fever-Tree looks to inject more life into its UK performance following post-pandemic woes. The group cut its annual profit expectations last year, blaming the “vagaries” of the British summer weather. Its shares are down more than 22 per cent over the last 12 months.
Fever-Tree said on Thursday that it remained the biggest contributor to growth within the carbonated mixer category at retail in the US and had extended its number-one position in Tonic and Ginger Beer.
The firm added that it was “seeing good underlying momentum” in Europe, particularly Italy, France and Denmark – with Ginger Beer and Pink Grapefruit standing out as it expands its portfolio to cater to popular cocktails like the Paloma.
Fever-Tree expected to post “strong growth” in the rest of the world region in the full year, following the set-up of its new subsidiary model in Australia.
“The brand has continued to drive market share gains across its regions and deliver topline growth in the year to date,” the firm commented.
“We look forward to our key summer trading period, which will include a range of marketing initiatives and activations, and remain comfortable with full-year expectations.”
The trading update comes ahead of Fever-Tree’s annual meeting later this morning.