Shares in Fevertree Drinks (Fever-Tree) are up 10 per cent this morning after the soft drink company announced it was bumping its forecasts up again.
In a trading update on the progress of the second half so far, Fever-Tree said that the strong growth seen in the first half had continued into the latter part of the year. In July, Fever-Tree reported a 77 per cent revenue growth rate.
The company called the performance of the brand in the UK "exceptional", and said that the mixer category was now the fastest-growing part of the UK soft drinks sector. Fever-Tree accounts for 97 per cent of value growth in this area over the last 12 months.
In light of the group's performance in the year so far, the board said it expected results for the year to 31 December to be materially ahead of market expectations.
Finance director Andy Branchflower told City A.M. that Fever-Tree has had to frequently adapt its forecasts to the trading environment. "We're seeing a market that's rapidly transforming," he said. "We're in a really exciting situation."
The fast-growing company has previously said that it will expand its reach by moving into new product areas, appointing former Diageo executive Alexandra O'Rourke to head up innovation in September.
Today Fever-Tree founder and CEO Tim Warrillow told City A.M. that Rourke is "excited at the scope of the opportunity" and that new products will be announced in the next few months.