Tonic? Not really. Posh mixer maker Fever-Tree sees revenues plummet as shut pubs hit sales
The mass closure of bars, pubs and restaurants hit tonic sales at mixer maker Fever-Tree, despite rising demand for cocktails at home.
Revenues fell by 11 per cent to £104.2million but it raised its interim dividend by 4 per cent to 5.41p a share.
Fever-Tree shares rose 1.3 per cent, or 27p, to 2147p.
Revenues at Fever-Tree, led by chief executive Tim Warrilow, fell by 11 per cent to £104.2million but it raised its interim dividend by 4 per cent to 5.41p a share
The company, led by chief executive Tim Warrilow, said bar, restaurant and pub sales dived 61 per cent in the lockdown.
As it focused on the off-trade market, which covers supermarkets and other stores, sales rose 24 per cent in the first half in the UK as people drank at home.
Spirit sales were strong and it is ‘optimistic that lockdown has been a further catalyst to the long-term trend towards long mixed drinks’.
Fever-Tree expects a ‘very gradual recovery’ in sales from bars and restaurants as restrictions ease.