Fever-Tree, the supplier of premium carbonated mixers for alcoholic spirits, has announced its Interim Results for the period ended 30 June 2015 with Tim Warrillow, CEO of Fever-Tree commenting:
“We are delighted to report that the Group’s strong performance throughout 2014 has continued into the first half of 2015. We achieved a 62% increase in revenue with all four of our territories continuing to perform strongly and the results were underpinned by solidly maintained margins and a strong balance sheet.
“The Group remains ideally positioned to benefit from the ongoing global trend to greater premiumisation and looks to the future with confidence as we continue to deepen our penetration in our existing markets whilst exploring new market opportunities.”
Financial Highlights
- Revenue up 62% to £24.1m (H1 2014: £14.9m)
- Gross margin of 50.5% (H1 2014: 51.1%)
- Adjusted EBITDA up 68% to £7.2m (H1 2014: £4.3m)
- Strong balance sheet with net cash at period end of £7.9m
- Diluted EPS of 4.44 pence
- Interim dividend of 0.78 pence per share
Operational Highlights
- New UK Off-Trade listing in Morrisons
- Continued strong growth in Ginger Beer sales in USA
- Launch of the new 150ml can format
Results
| Half year ended 30 June 2015 | Half year ended 30 June 2014 | Movement | |
| £m | £m | % | |
| Revenue | 24.1 | 14.9 | 62% |
| Gross Profit | 12.1 | 7.6 | 60% |
| Gross Profit % | 50.5% | 51.1% | |
| Adjusted EBITDA | 7.2 | 4.3 | 68% |
| Adjusted EBITDA % | 29.9% | 28.9% | |
| Diluted EPS | 4.44 | 16.792 | |
| Interim Dividend | 0.78p | n/a |
Territory review
Revenue by territory
| Half year ended 30 June 2015 | Half year ended 30 June 2014 | Movement | Share of revenue | |
| £m | £m | % | % | |
| UK | 7.6 | 4.7 | 62% | 32% |
| USA | 5.8 | 3.5 | 69% | 24% |
| Europe | 9.4 | 5.8 | 61% | 39% |
| RoW | 1.3 | 0.9 | 42% | 5% |
| Total | 24.1 | 14.9 | 62% | 100% |
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