Unstoppable Fevertree just keeps on fizzing up

IT DOESN’T look like anything can stop the sales of Fevertree

Drinks. The premium mixer drinks maker gave another confident update which sent shares bubbling up to new highs.

The tonic water and ginger ale maker, founded in 2005, has soared since it listed on the stock exchange two years ago.

On the second anniversary of its AIM flotation the group said performance had been strong in the second half of the year and sales had continued to grow.

It may have started out in more high-end retailers, but Fevertree has recently started selling in supermarkets such as Morrisons and its sales have continued soaring.

Fevertree now expects full-year results to be materially head of expectations. Cenkos said the firm’s rate of growth was ‘impressive’ given the current economic uncertainty in the UK. The broker said ‘it bodes well for the brands’ long-term performance’.

Cenkos has upgraded its full year revenue estimate for the company by 9pc to £93.8m, with sales growth of 95pc for the year. Investec raised its target price for the stock from 915p to 1140p. Fevertree shares rocketed 11.7pc, or 113p, to 1082p.

Toilet-roll business Accrol announced a £10m contract with discount supermarket Lidl in a trading update yesterday.

The Blackburn family firm, which was set up in 1993, said it was confident about the outlook for the year and had continued to win new business with existing customers in the six months to October 31. Accrol, which has a 7pc share of the UK’s tissue market, first listed on AIM in June this year at 100p a share.

The firm is in the process of installing facilities at its Lancashire manufacturing site to increase capacity to 143,000 tonnes a year, which it hopes will enable to build its deliveries to major retailers. Shares rolled up 7.2pc, or 8.5p, to 126p.

E2V Technologies plunged as it revealed pre-tax profit almost halved in the first six months of the year. The company makes sensors used in everything from dental X-ray machines to missile control safety devices, it has even made imaging sensors for Nasa’s Hubble Space Telescope.

But pre-tax profit at the business was just £7.1m in the first half of the year, down 48pc from £13.8m last year. Revenue was £102.8m, down from £109.5m.

E2V said possible order delays meant performance for the year may be ‘modestly’ below expectation.

Yet E2V said it had made good strategic progress over the period, and increased its interim dividend 6.25pc to 1.7p a share. The group said improved order rates meant the second half of the year should be stronger, but more delays are possible. Peel Hunt and Investec cut their target prices for the stock.

Shares plummeted 16.8pc, or 36.5p, to 181.25p.

On the eve of the US presidential election the FTSE 100 closed up 1.7pc, or 113.64 points, to 6,806.90. Many of the miners rallied as investor sentiment turned positive, with

Antofagasta the highest riser of the day, climbing 6.3pc, or 33.5p, to 565p. Fresnillo bucked the trend, however. The Mexican silver miner fell after the price of the metal dropped and the Mexican peso strengthened, increasing operating costs at its mines. Shares slipped 3pc, or 49p, to 1576p.

But much of the talk of the day was of fraud at Tesco Bank. Investor jitters sent shares in Tesco 1.1pc, or 2.3p, lower to 200.2p.

HSBC meanwhile shook off a profit plunge to climb 4.6pc, or 27.5p, to 622.3p. It might not be making as much money, but it hasn’t yet lost customer details to hackers.

A two-year contract deal sent shares in 21st Century Technology soaring. The firm provides passenger wifi, passenger counting and CCTV for transport firms.

21st Century has agreed a twoyear extension on its contract with bus company Arriva, with the option of tacking on an extra year at the end, too, which would take the partnership through to February 2020. Shares accelerated 23.5pc, or 0.5p, to 2.6p.