The company revealed the ‘key win’ had been the rapid innovation of new flavours, which were in response to new consumer trends.
In its results for the year ended 30 September 2021, it reported profit before tax and exceptional items up 41.3% to £20.9m – substantially exceeding the board’s initial expectations. Revenue hit £124.3m (2020: £109m).
The company admitted there had been fluctuating consumer demand due to the sporadic closing and reopening of the hospitality industry around the world.
Ready-to-drink canned cocktails
However, it highlighted that the key beverage trend which had supported its growth during the year had been consumer interest in the ready-to-drink canned cocktail market, including hard seltzers, which it described as a 'sweet spot'.
It added that more widely, consumer demand for a variety of healthier, premium beverages continued. It reported revenue growth of 64.1% across its healthier living categories (tea, health & wellness and fruit & vegetables) driven not just by hard seltzers, but beverages such as energy drinks and flavoured waters.
The company also revealed it was making 'good progress' with its transition to its new UK headquarters. During 2021 it began to relocate its UK business from its current site in Bury St. Edmunds, to a brand-new purpose-built facility nearby in Skyliner Way.
New site open
The new site was opened in September 2021 and hosts office staff while some science and technical colleagues have also transitioned to the new site. It revealed that the first phase of installation and commissioning of plant and machinery is currently underway, and it expects this to be completed by mid-2022.
The company intends to continue manufacturing some products at the old site over the next 18 months while most manufacturing and technical personnel are scheduled to operate from the new site in 2022.
"We have managed to deliver really strong profit growth across multiple categories, particularly through aligning with consumer beverage trends and the wide demand for healthier, natural products," said chief executive officer Daemmon Reeve. "This has all happened while continuing to invest in the future growth potential of the business."
