Premium soft drinks brand Fentimans is optimistic over growth prospects, despite elevated cost pressures and supply chain disruption caused by the outbreak of war in Ukraine.
Revenues at the business soared by 23% to £39.9m – with gross sales before promotions up 20% to £44m – in the year ended 31 December 2021, as the brand’s popularity grew in supermarkets and out-of-home began to recover.
UK sales increased 35% during the year, while the retail channel grew 15%, driven by distribution gains.
International revenues rose 13% to £20.2m despite challenges associated with Brexit and strict Covid measures across Europe. Its US sales also grew 38% in its second year of trading in the market.
Overall, pre-tax profits soared from just more than £200k to £1.6m.
Fentimans warned in the Companies House accounts that the start of 2022 presented further “extreme” global market conditions.
The ongoing conflict in Ukraine is expected to deepen global supply chain disruption and lead to an elevation of cost pressure, as well as hurting sales in some of its European markets.
However, Fentimans pointed out it had “robustly” absorbed and addressed the recent challenges while continuing to trade well.
“The group has built a resilient, diversified platform for future success in the UK and key international markets, including the US and this has served the group well over the last couple of years,” the group said. “Notwithstanding the many global challenges facing business in 2022, the board remains optimistic for future growth and remains committed to supporting its ambitions to build consumer awareness and drive high levels of customer satisfaction.”
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