Wet climate dampens Fevertree gross sales sending shares to eight-year low

Fevertree shares crashed to an eight-year low after it warned wet weather dampened demand for its tonic and other mixers.

The drinks maker reported revenues of £170.6million for the first half of the year – up 2 per cent year-on-year.

It said sales were hit by a ‘tough’ consumer backdrop and ‘poor weather’ between April and June.

Weather misery: Fevertree Boss and co-founder Tim Warrillow

Its mixers, including tonic water, ginger ale and soda, tend to be more popular in warmer weather when demand for refreshing drinks increases. 

In the UK, where it says it is the top mixer brand, revenues declined 6per cent.

Sales picked up in July and August, growing 13 per cent compared with last year. 

Chief executive Tim Warrillow said it ‘performed well against a tough market backdrop’. 

But it has lowered its outlook for the full year.

It is now targeting growth of between 4 per cent and 5 per cent, down from 7 per cent.

Shares tumbled 11.6 per cent, or 100p to 762.5p – their lowest since 2016.