Fevertree Drinks (AIM:FEVR) PLC reiterated financial guidance as record trading in the UK helped deliver a good start to the financial year.
The posh tonic maker said: "We are confident that the brand will continue to deliver strong revenue growth as we start our key summer trading period and therefore reiterate our top-line guidance range as set out in March at £390mln to £405mln.”
The firm said inflationary cost pressures remain elevated but it expects to mitigate these and drive margin improvements, meaning “we're on-track to deliver EBITDA in-line with our guidance range of £36mln to £42mln for 2023”.
The UK business recorded its highest ever value share in the On-Trade during a first quarter trading period; around 6% higher than the share in the first quarter of 2020, while the US has had a strong start to the year in both the On- and Off-Trade with particularly strong growth in Flavoured Sparkling and Club Soda.
In Europe, the company continues to gain value share of the premium mixer category at retail, with particularly encouraging growth in Italy and France.
Fevertree also reported good sales and operational progress across its Rest of the World unit.