Fevertree co-founder Charles Rolls to step down

(Sharecast News) - Posh tonics maker Fevertree said on Wednesday that co-founder Charles Rolls will step down as non-executive deputy chairman at the company's annual meeting on 4 June.
Chairman Bill Ronald said Rolls' "entrepreneurial vision and passion" had been integral to Fevertree's success.

Rolls said: "Co-founding and developing the Fevertree brand has been the focus for an immensely satisfying 17 years of business life, from the idea, through to selling our first case, and on to the millions we now sell worldwide.

"While I am stepping down from the board, I remain a great supporter and significant shareholder in Fevertree and am as passionate about the business as ever. Fevertree deals in a world of best before dates and I am happy to be stepping down before I reach mine."

Earlier this month, the company posted a rise in full-year revenues as a solid performance overseas helped to offset a weaker UK market, but warned that the Covid-19 pandemic will have a "material" impact on FY20 trading.

In the year to the end of December 2019, revenue rose 10% to ?260.5m as sales in the US, Europe, and the rest of the world pushed up 33%, 16% and 31.7%, respectively. This helped to offset a 1.1% decline in the UK. Pre-tax profit edged down 4.1% to ?72.5m. Fevertree