Tonic given boost by rising gin popularity
PROFITS at drinks firm Fever-Tree fizzed up over 100 per cent last year, helped by the continued rise in the popularity of gin in the UK.
The firm said pre-tax profits rose to £34.3m in the year to December 31, a 104 per cent increase.
Sales also rocketed by 73 per cent to £102.2m.
Fever-Tree, which specialises in selling mixers such as ginger beer and Sicilian lemonade, said its performance in the UK was boosted by the ‘premium gin and tonic movement’, which continues to ‘gather momentum’.
The UK saw sales growth of 118 per cent, helped by strong sales over the Christmas period. Boss Tim Warrillow described the year as ‘exceptional’.
He said: ‘2016 has been another exceptional year of growth for Fever-Tree, with strong results achieved across all regions, channels and flavours, emphasising the global appeal of the Fever-Tree brand.’
Fever-Tree has secured new deals to supply Asda in the UK, Target in the US and supermarket Rewe in Germany, while it has also expanded the distribution of tonic water with British Airways across its entire fleet.
Gin has proved popular with city residents, as hundreds of people are expected to be attending the largest UK Gin Festival when it returns to Portsmouth Guildhall later this summer.
Tickets to the event – on Friday, August 4 and Saturday, August 5 – went on sale last week. For more information go to ginfestival.com