Fever-Tree has seen group revenue increase by 6% year-on-year in the 2023 financial year to £364.4m, with the US market seeing a 22% jump to £117m.

The drinks maker recorded a decrease in UK revenue of 1% year-on-year, with the US now being the company’s biggest market.

Revenue across Europe increased by 6% year-on-year, with the brand continuing to “extend [its] premium mixer leadership position across Europe".

Chief executive officer at Fever-Tree, Tim Warrillow, said: "The Fever-Tree brand has performed well in 2023, growing our market share in all of our key markets, despite a challenging macroeconomic environment. The US ended the year as our largest region, where we have extended our leadership position in both the tonic and ginger beer categories.

“The brand enjoyed a strong Christmas trading period in the UK, especially in the on-trade, while at home, our new espresso martini mixer clearly became a festive drink of choice. Despite recession in Germany impacting our European performance and the one-off effect of the transition to our new subsidiary in Australia, we remain confident of driving good growth in those regions in 2024.”

As part of the group’s outlook, Fever-Tree stated that it expects to "deliver good growth in 2024 and reiterate our guidance of 10% revenue growth for the Fever-Tree brand".

In the 2024 financial year, Fever-Tree will refocus its portfolio of non-Fever-Tree brands in Germany and expects a £7m reduction in portfolio brand revenue in 2024, leading to expected group revenue of 8%.

Equity analyst at Hargreaves Lansdown, Aarin Chiekrie, commented: "Fever-Tree’s full-year results were anything but dull, as the group delivered a somewhat mixed performance. Revenue bubbled higher thanks to successful expansion in its growing US and European markets, capturing market share in the process.

"But there was a small decline in UK sales – it turns out there is a cap on how much premium tonic the group can sell, and it looks like Fever-Tree has reached it in its home market. But thanks to the wide range of products the group has on offer, Fever-Tree remains the clear leader in the UK mixer category."

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