London, January 5, 2024 - Fevertree Drinks, a leading mixer-maker, announced significant growth in the U.S. market, contributing to a doubling of Ebitda in the second half of 2023. The company remains confident in its guidance for the year, despite a challenging macroeconomic environment.
Revenue Growth
Fevertree Drinks reported a rise in revenue for 2023 to £364.4 million ($463.7 million), up from £344.3 million the previous year. While U.K. revenue experienced a slight decline of 1%, U.S. revenue saw a substantial increase of 22%. In Europe, revenue for the Fever-Tree brand rose by 6%.
Continued Growth Expectations
The company still projects a 10% revenue growth for the Fever-Tree brand in the current year, as well as a group adjusted margin of 15%. Fevertree Drinks also expects the adjusted earnings before interest, taxes, depreciation, and amortization for the period ending December 31 to reach £30 million, falling within the company's guidance range.
Strategic Focus
In an effort to refocus its portfolio, Fevertree Drinks is reallocating resources from non-Fever-Tree brands in Germany. Consequently, the company anticipates a £7 million decrease in brand revenue for 2024, resulting in an overall group revenue growth of 8%.
CEO's Outlook
Chief Executive Tim Warrillow expressed satisfaction with the performance of the Fever-Tree brand in 2023. Despite the impact of Germany's recession on European performance and the one-off effect of the transition to a new subsidiary in Australia, he remains confident in achieving significant growth in these regions in 2024.
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