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Tonic drinks maker Fevertree reported a 38% slump in first-half profit, but raised its interim dividend on better-than-expected sales in its off-trade business.
The company raised its interim dividend by 4% to 5.41 pence per share and also provided an update on guidance.
Baring no further significant lockdowns in across its regions, and a continued gradual recovery of the on-trade ahead, the company expected annual revenues of between £235m and £243m.
The update came as the company's first-half results reflected the impact on sales in on-trade from the pandemic amid government-imposed lockdown measures.
For the six months ended 30 June, pre-tax profit slumped 37.9% to £21.7m as revenue fell 11% to £104.2m on-year.
'The on-trade, which typically represents approximately 45% of group revenue, has been severely impacted as lockdowns have led to closures in most of our territories since March, with only limited re-openings prior to the end of the period,' the company said.
Revenue in the US increased by 39% to £27.4m, despite the impact of COVID-19 on on-trade sales.
At 8:55am: (LON:FEVR) Fevertree Drinks PLC share price was -115p at 2005p