Fever-Tree’s 2024 results have been described by some analysts as a "mixed set", with the firm stating that it has operated in a "subdued consumer environment".

In the year to 31 December 2024, the British beverage manufacturer’s total group revenue increased by 3% to £368.5m, while its EBITDA jumped by 66% to £50.7m.

In this period, its net cash position climbed by 60% to £96m and its diluted earnings per share increased by 58% to 20.85 pence.

Fever-Tree said that the brand "continues to outperform" against its competitors in key markets, retaining its "leadership position" in the US ginger beer and tonic water categories.

In the UK, the firm said that it remains a "clear market leader", despite noting "well documented industry winds". In this period, its revenue in the region fell by 3% year-on-year, following a "period impacted by low consumer sentiment" and a "declining gin category".

Co-founder and chief executive officer at Fever-Tree, Tim Warrillow, said: "The Fever-Tree brand performed well in 2024, despite the subdued consumer environment. Across every key region, we are gaining market share, with more consumers discovering, enjoying, and becoming loyal to Fever-Tree each year across a growing variety of drinking occasions. This was particularly noticeable in our largest region, the US, where once again the brand grew strongly and well ahead of the market.

"Our growing market share continues to be driven by our deep understanding of global drinking trends allowing us to make the most of evolving consumer preferences. As a result, non-tonic products now make up c.45% of our global revenues, driven by the success of our ginger beer and our expanding position in cocktail mixers and adult soft drinks."

The full-year results were the first set to be published since Fever-Tree created its strategic partnership with Molson Coors in the US. It said that in the few weeks since the announcement, "sales momentum has remained strong and good initial progress has been made".

As a result, the beverage manufacturer said that 2025 will be a "transition year for the US business", with outlook expectations set at "low single digit group revenue growth" and a group adjusted EBITDA margin of around 12%.

Equity analyst at Hargreaves Lansdown, Aarin Chiekrie, concluded: "Fever-Tree capped off its 2024 financial year with a mixed set of results. While the tonic-maker’s profits rebounded sharply last year, the near-term outlook for profits is weak.

"Marketing spending is set to ramp up significantly to help improve brand awareness and drive sales higher. That’s the right move, but it’s set to put pressure on profitability in the near term. Luckily, there’s a healthy net cash position on hand to fund this, which also means dividend payments look well covered for now.

"In Fever-Tree’s home market, UK sales continue to trend in the wrong direction as demand for gin wanes. New products outside of tonics, such as pink grapefruit soda, are being released to try and help fill the void, and while early momentum is encouraging, there’s a long way to go to plug the gap."

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