Fevertree Drinks PLC (LON:FEVR) shares lost some of their fizz on Thursday after the mixer drinks firm said current trading is in line with market expectations, disappointing investors who have been used to more upbeat comments from the fast-growing group.
In mid-morning trading, Fevertree shares were down 5.6% at 2,761p.
In a statement to be delivered at today’s annual general meeting, Bill Ronald, chairman of the AIM-listed firm said: “The Group's performance in the year to date has been encouraging and at this early stage in the year we are trading in line with market expectations for the full year ending 31 December 2018.”
The chairman added that the first four months of 2018 has seen further positive progress, most notably in the UK where - as market leader - the company is well positioned as the wider mixer category continues to evolve.
He also noted that the transition to wholly-owned operations in the US is continuing to plan.
“We have made excellent progress, with the Fever-Tree US team now in place ahead of taking direct management of our distribution network and marketing effort on 1 June 2018,“ Ronald said.