Fevertree Drinks PLC FCA letter re Release of Preliminary Results (1873H)
March 23 2020 - 6:59AM
UK Regulatory
TIDMFEVR
RNS Number : 1873H
Fevertree Drinks PLC
23 March 2020
23(rd) March 2020
Fevertree Drinks plc
( "Fever-Tree" or the "Group")
FCA letter re Temporary Moratorium on Release of Preliminary
Results
The FCA issued guidance on 21 March 2020 requesting public
companies to delay the announcement of Preliminary Results for at
least two weeks, due to the challenges caused by the Coronavirus
crisis. Consequently, while Fever-Tree intended to announce its
Preliminary Results for the year ended 31 December 2019 on 24 March
2020, the Group will follow the FCA's request and confirms that it
will defer the publication of its results.
Fever-Tree is a global business with revenue diversified across
regions, channels and customers. Notwithstanding tough comparators
in the UK, the Group has made a solid start to the new financial
year, with trading in the first two months in line with the Board's
expectations, with the US in particular seeing strong trading.
However, given the current high level of uncertainty it is too
early to quantify the impact the COVID-19 crisis will have on the
outturn for the remainder of the 2020 financial year and therefore
the Board is not able to provide financial guidance at this
stage.
Our focus, first and foremost, is on the health and wellbeing of
our employees, customers and partners across all our regions.
Whilst we will face challenges in the coming months, financially
the Group is extremely secure. We are debt free, with a year-end
cash position of GBP128m underpinned by strong cash flows. The
Group's unique asset light, outsourced business model means we have
a low fixed cost base, a small, dedicated team and the flexibility
to manage the significant challenges ahead.
The Group will await further guidance from the FCA with regard
to the timing of the publication of its Preliminary Results.
For further information:
Fevertree Drinks plc +44 (0)20 7349 4922
Tim Warrillow, Co-founder and CEO
Andy Branchflower, CFO
Oliver Winters, Communications & IR Director
Numis Securities - Nominated Adviser and Joint Broker +44 (0)20 7260 1000
Garry Levin
Matt Lewis
Hugo Rubinstein
Investec Bank plc - Joint Broker +44 (0)20 7597 5970
David Flin
Alex Wright
David Anderson
Brunswick Group +44 (0) 20 7404 5959
Jonathan Glass
Fiona Micallef-Eynaud
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END
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