Business
Fever-Tree FY23 Interim Results - Replacement
Fever-Tree FY23 Interim Results - Replacement.
About this update from Fevertree Drinks Plc
[{"type":"text","content":"\n\n\nFevertree Drinks plc\n\nCorrection - FY23 Interim Results to 30 June 2023\n \nThe following amendments have been made to the \" FY23 Interim Results\" announcement released on 12 September 2023 at 07:00 under RNS No 0791M.\n \nThe basic and diluted earnings per share for H1 FY23 have been corrected to 0.94 pence, which were incorrectly stated as 1.20 pence. Normalised earnings per share remains as stated at 3.52 pence.\n \nAll other details remain unchanged. The full corrected announcement is set out below.\n \nThis announcement contains inside information\n \nFY23 Interim Highlights\n· Revenue growth of 9% year-on-year, with a standout performance in the US of +40% growth (+32% constant currency) which is now the Group's largest region by revenue contribution.\n· Strong market share performance globally, achieving our highest ever market share by value in the UK.\n· 670 bps reduction in gross margin is in-line with our expectations, driven by product cost headwinds, partially offset by efficiency projects.\n· Adjusted EBITDA margin of 5.8% reflects the lower gross margin and phasing of overheads, maintaining our strategy of investing for growth. We therefore expect to drive an improvement in the second half of the year.\n· £3.3m exceptional item relating to a production issue in the US. The issue did not impact customer relationships or our ability to supply the market.\n· Recommending an interim dividend of 5.74 pence per share, an increase of 2% year-on-year.\n \n\n\n\n£m\n\n\nH1 FY23\n\n\nH1 FY22\n\n\nChange\n\n\n\n\nRevenue\n\n\n\n\n\n\n\n\n \n\n\n\n\n UK\n\n\n53.8\n\n\n53.5\n\n\n1%\n\n\n\n\n US\n\n\n56.1\n\n\n40.1\n\n\n40%\n\n\n\n\n Europe Fever-Tree brand revenue\n\n\n50.5\n\n\n46.5\n\n\n9%\n\n\n\n\n Europe total*\n\n\n56.1\n\n\n52.3\n\n\n7%\n\n\n\n\n ROW\n\n\n9.6\n\n\n15.0\n\n\n(36)%\n\n\n\n\nTotal*\n\n\n175.6\n\n\n160.9\n\n\n9%\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\nGross profit\n\n\n53.8\n\n\n60.1\n\n\n(11)%\n\n\n\n\nGross margin\n\n\n30.7%\n\n\n37.4%\n\n\n(670)bps\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\nAdjusted EBITDA[1]\n\n\n10.2\n\n\n22.0\n\n\n(54)%\n\n\n\n\nAdjusted EBITDA margin\n\n\n5.8%\n\n\n13.6%\n\n\n(780)bps\...