(Alliance News) - Fevertree Drinks PLC on Thursday reported a solid start to the year across its regions, noting particular strength in the UK On-Trade segment.
The drinks mixer maker said it recorded its "highest ever" value share in the UK On-Trade segment during the first quarter, up 6% from its share in 2020.
In the UK Off-Trade segment, Fevertree said it is trading in line with expectations but expects sales to build momentum as the year progresses.
In the US, the firm noted a strong start to the year in both On-Trade and Off-Trade, with good value and volume growth seen across all its categories, particularly in Flavoured Sparkling and Club Soda.
Fevertree said it has seen "encouraging" growth in Italy and France as it continues to gain value share of the premium mixer category in retail in Europe.
In the rest of the world, the company reported it has continued to make good sales and operational progress. It added that the transition to its new distribution partner in Australia is progressing well and is due to be finalised during the summer.
Looking forward, the London-based firm said it is confident it will continue to deliver strong revenue growth in financial 2024 and so reiterated its top-line guidance range between GBP390 million to GBP405 million.
"Whilst inflationary cost pressures remain elevated, the group continues to be focused on delivering initiatives to mitigate these costs and expects to drive margin improvements as we progress through the year, which means we're on track to deliver [earnings before interest, tax, depreciation and amortisation] in-line with our guidance range of GBP36 million to GBP42 million for 2023," the company added.
Separately, Fevertree announced that Senior Independent Director Coline McConville will step down from the board at the conclusion of the company's annual general meeting on Thursday.
McConville will be succeeded as senior independent director by Kevin Havelock.
Shares in Fevertree were down 1.3% at 1,415.00 pence in London on Thursday morning.
By Heather Rydings, Alliance News senior economics reporter
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Fevertree (FEVR)