Business
AGM STATEMENT & COVID-19 UPDATE
AGM STATEMENT & COVID-19 UPDATE.
About this update from Fevertree Drinks Plc
[{"type":"text","content":"\n \n \n RNS Number : 8775O\n Fevertree Drinks PLC\n 04 June 2020\n \n \n \n \n \n June 4th, 2020\n \n \n \n \n \n Fever-Tree Drinks plc\n \n \n \n AGM STATEMENT & COVID-19 UPDATE\n \n \n \n \n \n Fever-Tree, the world's leading supplier of premium carbonated mixers, is holding its Annual General Meeting (\"AGM\") today at 11.30am BST.\n \n \n At the AGM, Bill Ronald, Chairman of Fever-Tree, will make the following statement:\n \n \n \"As highlighted at the Group's preliminary results in April, although we have been impacted by the COVID-19 crisis, we are well positioned to manage our way through the current situation. We have a fantastic team across the globe who have been working incredibly hard alongside our key customers, suppliers and distribution partners. Our asset light business model continues to support our secure financial position with a FY19 net cash position of £128 million and we benefit from a strong brand portfolio with well-balanced revenue streams across regions, channels and customers.\n \n \n While the On-Trade remains fully or partially closed across many of our regions, the Group's performance across the Off-Trade continues to be very encouraging. Management remain focused on delivering our long-term strategy and we are confident the Group will be well placed once the current period of uncertainty ends.\"\n \n \n \n COVID-19 Update\n \n \n UK\n \n \n On-Trade sales typically represent 50% of UK revenue and continue to be severely impacted by the lockdown. Conversely, our Off-Trade performance has been strong. Sales in the first full month of lockdown were up \n 24%1\n year-on-year and we have seen continued positive momentum since, reflecting increased at home consumption during the period. The core tonic range has performed particularly well, and there has also been notable growth in the convenience channel as consumers increasingly supplement or substitute their trips to large grocery stores.\n \n \n US\n \n \n The US market is naturally weighted to the Off-Trade, which typically contributes 70% to the Group's US revenue. Since the start of lockdown, while On-Trade sales have been severely impacted, Off-Trade sales have grown extremely strongly. Nielsen data, which covers \n just under half \n of Fever-Tree's Off-Trade sales in the US, reported 98%2 growth year-on-year for the...