- Weak restaurant and pub sales impacted performance
- RBC says performance consistent with peers
- Shares fall to an more than 8-year low
Sept 12 (Reuters) - Fevertree Drinks cut its annual revenue growth forecast on Thursday as unexpected wet weather at the start of its key summer season dampened sales for the British beverage maker, sending shares down 8.6%.
Unusually cool and wet weather in Britain weighed on spirits and fewer people stepped out at the start of summer, hurting sales and demand for everything from clothes to cocktails.
Weak sales in restaurants and pubs have also contributed to the lacklustre first-half performance, Fevertree said.
Shares of the London-listed company fell to a more than eight-year low of 788 pence. They have lost about 14% of their value since the start of this year.
Fevertree, which makes premium tonic waters and cocktail mixers, now expects revenue growth of about 4% to 5% for the full year, lower than the 10% initially projected in March.
Analysts, on average, were expecting revenue growth of about 7%, according to a company-compiled consensus.
Fevertree peer A.G. Barr forecast in July its half-year revenue to be higher than prior-year levels, supported by strong demand for its cocktail mixes and soft drinks.
Fevertree, founded in 2003, posted half-year revenue of 172.9 million pounds ($225.55 million), down from the 175.6 million pounds logged last year.
RBC Capital analysts had set expectations at 179 million pounds but noted that the company's performance is consistent with its peers.
($1 = 0.7666 pounds)
Reporting by Yamini Kalia in Bengaluru; Editing by Sherry Jacob-Phillips and Christopher Cushing
Source: Reuters