(Reuters) – British tonic maker Fevertree Drinks Plc said on Wednesday it plans to hike product prices and ramp up its U.S. production to help cushion the pressures faced from high costs of manufacturing glass.
Energy and commodity prices have increased since Russia invaded Ukraine last year, sending companies across the globe scrambling for ways to rein in costs, while households struggle to manage their bills.
“As we navigate these challenging conditions … passing through some of these impacts through price across our regions, whilst focusing on our own margin improvement initiatives,” the company said in a statement.
The 20-year old company reported a 37% fall in its adjusted core profit to 39.7 million pounds ($48.66 million) for the year ended Dec. 31. Revenue was 11% above the previous year’s levels at 344.3 million pounds, in line with analysts’ expectations.
($1 = 0.8159 pounds)
(Reporting by Radhika Anilkumar in Bengaluru; Editing by Sherry Jacob-Phillips)
