Fever-Tree shares (LON:FEVR) rose on Thursday after the beverage company reported a rise in revenue for the year.
The premium fizzy drink maker said it expects full-year revenue to be around £236 million, a 39% increase on 2017 figures.
This was attributed to strong trading in the UK, particularly across the summer months and the Christmas period, with sales up 52%.
In addition, the group enjoyed strong progress in the US, with full-year revenue up 21% compared to the year before.
Fever-Tree said there was also an increase in sales in Europe during the second half of the year, with full year revenue expected to be up around 24%.
Sales in the rest of the world also proved encouraging, up roughly 48% for the period.
Tim Warrillow, Co-founder and CEO of Fever-Tree said:
“We have seen very strong momentum across the business during 2018. The UK delivered an exceptional performance while Europe has seen positive performance resulting in growth accelerating in the second half. We are particularly encouraged by the progress to date in the USA and the strong platform for further growth this provides.
The progress we have seen during the last 12 months means we enter 2019 very well positioned and remain optimistic about the long-term global opportunity ahead.”
Warrilow also remained confident that the firm was well positioned in light of changing consumer drink tastes. He added:
“Drinking habits are changing. The rise of premium spirits and the advent of premium mixers has reinvigorated and re-established the quality and enjoyment of the long-mixed drink, be it a gin & tonic, vodka & ginger beer or whiskey & ginger ale to name but a few. Fever-Tree is at the forefront of this trend, broadening the appeal of the spirits category, drawing in new consumers and with it providing a genuine alternative to the beer and wine occasion.”
Shares in Fever-Tree are currently +14.35% as of 12:37PM (GMT).