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Fever-Tree has told investors it has continued to gain market share across key regions, ahead of its AGM later this morning.

The premium carbonated mixers supplier said it remained on course to meet full-year expectations as it continues to drive market share gains and deliver topline growth.

In the UK, it said it had strengthened its category-leading position, driven by the performance of its broad portfolio, including products which cater to the growth of rum, vodka and other spirit categories, as well as cocktail mixers.

In the US, Fever-Tree continues to be the biggest contributor to growth within the carbonated mixer category at retail. It said it had extended its number one position in the tonic and ginger beer categories.

In Europe, the brand said it was seeing “good underlying momentum”, notably in Italy, France and Denmark.

The brand continues to grow ahead of the mixer category on the continent, with ginger beer performing well and pink grapefruit gaining traction as it expands its portfolio to cater to popular serves, such as the Paloma.

In the ROW region, the group expects to deliver strong growth in 2024 following the set-up of our its new subsidiary model in Australia.

“We look forward to our key summer trading period, which will include a range of marketing initiatives and activations, and remain comfortable with full year expectations,” Fever-Tree stated.

Morning update

French spirits giant Rémy Cointreau has posted a sharp decline in annual revenues and profits following a “challenging” year and a sharp drop in sales in the US.

The group’s consolidated sales were €1.19bn in the year to 31 March, down 19.2% on an organic basis (albeit up 16.2% from 2019-20).

Sales on a reported were down 22.9%, including 3.7% in currency effect due primarily to trends in the Chinese renminbi and the US dollar.

Overall sales were dampened by inventory adjustments in the US, which was a “sluggish environment” during the year with “fierce promotional pressure”.

Because of this weakness, overall sales at the Cognac division declined 25.1% on an organic basis, including a 29.7% fall in volumes and a price/mix gain of 4.6%.

The Liqueurs & Spirits division reported sales down 4.6% on an organic basis, including a 6.4% fall in volumes.

The sales drop meant current operating profit fell 27.8% back to €304.4m despite “meaningful cost-cutting” that generated €145m in savings.

Current operating margin declined by 3.0 points on an organic basis to total 25.5%.

CEO Eric Vallat commented: “We’ve come through a challenging year in which we moved swiftly to adapt our costs and optimise our structure, while calling for a major effort from our teams.

“In 2023, we also pursued our investment programme, continued to innovate, and achieved major progress – in China, where our brands proved resilient and won market share; in Travel Retail, where business is now back above pre-Covid levels; and in e-commerce, where sales rose 20%. We also rolled out ‘The Sustainable Exception’ roadmap. In a persistently uncertain macro-economic environment, these achievements will help us maintain a value-driven strategy rooted in our long-term vision.

“We are approaching the new year with determination and remain fully focused on recovery in the US market, where we are adopting more efficient sales structures and executing tightly focused initiatives designed to promote a recovery in growth.”

On the markets this morning, the FTSE 100 is up 0.2% to 8,264.6pts.

Fever-Tree is up 4% to 1,126.5p on its trading update, with other risers including Naked Wines, up 4.3% to 63.6p and Bakkavor, up 3.2% to 145.5p.

Fallers include Sainsbury’s, down 3.5% to 264.2p, Nichols, down 2.2% to 1,022.4p and B&M European Value Retail, down 2.1% to 495.8p.

Yesterday in the City

The FTSE 100 closed up yesterday 0.2% to 8,247pts.

B&M European Value fell back 7.3% to 506.6p despite posting record sales and profits as the market reacted to a lack of clarity on guidance.

Other fallers included Bakkavor, down 4.1% to 141p, McBride, down 3.9% to 123p, Hilton Food Group, down 2.8% to 868p, PZ Cussons, down 2.1% to 110.6p, Deliveroo, down 2% to 134.5p and Greencore, down 1.9% to 169p.

The day’s risers included Glanbia, up 5.7% to €18.28, Ocado, up 2.4% to 362.2p, Haleon, up 1.6% to 327.8p, Imperial Brands, up 1.6% to 1,983.5p, Nichols, up 1.5% to 1,045p and SSP Group, up 1.2% to 162.8p.