FEVERTREE Drinks has reported a modest uptick in revenue for 2023 as its US expansion plan pays off.

The company told markets revenue for the year to the end of December 2023 rose by six per cent. Sales in the UK market ticked lower by one per cent, offset by growth of 22 per cent in the US.

Following last year's growth, the US market overtook the UK as the company's largest single market with sales of £117m compared to £114.8m in the UK. The firm said that it remained the "clear market leader" in the UK market, with a 45 per cent share of the total mixer market.

Overall, the company reported a gross profit for the year of £117m, down two per cent compared to 2022.

Its adjusted earnings before interest, tax, deprecation and amortisation (EBITDA) slumped 23 per cent due to the lower gross profit and a 320 basis point contraction in the EBITDA margin.

Tim Warrillow, co-founder and chief of Fevertree said: "Perhaps the most significant milestone was establishing the US as our largest region."

Shares closed up 11.34 per cent.

(c) 2024 City A.M., source Newspaper