Last checked at 23 Mar 2020 10:59
23rd March 2020
Fevertree Drinks plc
("Fever-Tree" or the "Group")
FCA letter re Temporary Moratorium on Release of Preliminary Results
The FCA issued guidance on 21 March 2020 requesting public companies to delay the announcement of Preliminary Results for at least two weeks, due to the challenges caused by the Coronavirus crisis. Consequently, while Fever-Tree intended to announce its Preliminary Results for the year ended 31 December 2019 on 24 March 2020, the Group will follow the FCA's request and confirms that it will defer the publication of its results.
Fever-Tree is a global business with revenue diversified across regions, channels and customers. Notwithstanding tough comparators in the UK, the Group has made a solid start to the new financial year, with trading in the first two months in line with the Board's expectations, with the US in particular seeing strong trading.
However, given the current high level of uncertainty it is too early to quantify the impact the COVID-19 crisis will have on the outturn for the remainder of the 2020 financial year and therefore the Board is not able to provide financial guidance at this stage.
Our focus, first and foremost, is on the health and wellbeing of our employees, customers and partners across all our regions. Whilst we will face challenges in the coming months, financially the Group is extremely secure. We are debt free, with a year-end cash position of £128m underpinned by strong cash flows. The Group's unique asset light, outsourced business model means we have a low fixed cost base, a small, dedicated team and the flexibility to manage the significant challenges ahead.
The Group will await further guidance from the FCA with regard to the timing of the publication of its Preliminary Results.
For further information:
Fevertree Drinks plc +44 (0)20 7349 4922
Tim Warrillow, Co-founder and CEO
Andy Branchflower, CFO
Oliver Winters, Communications & IR Director
Numis Securities - Nominated Adviser and Joint Broker +44 (0)20 7260 1000
Garry Levin
Matt Lewis
Hugo Rubinstein
Investec Bank plc - Joint Broker +44 (0)20 7597 5970
David Flin
Alex Wright
David Anderson
Brunswick Group +44 (0) 20 7404 5959
Jonathan Glass
Fiona Micallef-Eynaud