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| Fever-Tree's value fizzes to £4.5bn on back of strong gin sales | Fever-Tree's value fizzes to £4.5bn on back of strong gin sales |
| (35 minutes later) | |
| Shares in upmarket drinks firm Fever-Tree have hit a record £39.87, valuing the company at more than £4.5bn as it said it expected its full-year results to be “comfortably ahead” of previous forecasts on the back of strong gin sales. | Shares in upmarket drinks firm Fever-Tree have hit a record £39.87, valuing the company at more than £4.5bn as it said it expected its full-year results to be “comfortably ahead” of previous forecasts on the back of strong gin sales. |
| Fever-Tree, which produces tonic water and other carbonated mixers, has rapidly grown over the past few years as sales of premium gin have surged in Britain. The shares floated on the stock market in 2014 at just £1.66. | Fever-Tree, which produces tonic water and other carbonated mixers, has rapidly grown over the past few years as sales of premium gin have surged in Britain. The shares floated on the stock market in 2014 at just £1.66. |
| The company said its performance in the UK over the Christmas period was particularly notable, with an “impressive rate of sales growth” for its drinks. | The company said its performance in the UK over the Christmas period was particularly notable, with an “impressive rate of sales growth” for its drinks. |
| UK gin sales have doubled in value over the past six years, and totalled £1.2bn in the 12 months to the end of September last year, according to the Wine and Spirit Trade Association. A YouGov poll found gin was the most popular spirit in the UK, with 29% of drinkers voting it their favourite. | UK gin sales have doubled in value over the past six years, and totalled £1.2bn in the 12 months to the end of September last year, according to the Wine and Spirit Trade Association. A YouGov poll found gin was the most popular spirit in the UK, with 29% of drinkers voting it their favourite. |
| The Fever-Tree co-founder and chief executive, Tim Warrillow, said there was more growth to come: “Whilst this is a notable achievement, there remains a significant opportunity in front of us across all our regions as Fever-Tree continues to drive the evolution of the mixer category.” | The Fever-Tree co-founder and chief executive, Tim Warrillow, said there was more growth to come: “Whilst this is a notable achievement, there remains a significant opportunity in front of us across all our regions as Fever-Tree continues to drive the evolution of the mixer category.” |
| Fever-Tree, named after the colloquial term for the cinchona tree, the bark of which produces quinine – a key ingredient in tonic water – is now one of the largest companies on London’s Aim market. | Fever-Tree, named after the colloquial term for the cinchona tree, the bark of which produces quinine – a key ingredient in tonic water – is now one of the largest companies on London’s Aim market. |
| Fever-Tree also said it signed two new distribution arrangements – one in the US with Southern Glazer’s Wine and Spirits, and the other with Spain’s Grupo Damm, the maker of Barcelona’s popular beer Estrella Damm. | Fever-Tree also said it signed two new distribution arrangements – one in the US with Southern Glazer’s Wine and Spirits, and the other with Spain’s Grupo Damm, the maker of Barcelona’s popular beer Estrella Damm. |
| Fever-Tree said adjusted earnings before interest, tax, depreciation and amortisation rose to £34m in the six months ended 30 June, from £25.2m a year earlier. Revenue rose 45% to £104.2m. | |
| The company will pay an interim dividend of 4.22p per share, a 40% rise. | |
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