Ladies and gentlemen, welcome to today's Fever-Tree Full Year 2020 Results presentation. My name is Jordan, and I'll be coordinating your call today. If you'd like to ask a question, you may do so by pressing star followed by one on your telephone keypad. I'm now going to hand over to Tim Warrillow to begin. Tim, please go ahead. Thank you. Good morning, everyone, and thank you for joining us to hear about Fever-Tree's performance during 2020. My name is Tim Warrillow, Co-Founder and CEO of Fever-Tree. I'm joined on the call by Andy Branchflower, our CFO, Charles Gibb, our North American CEO, who I have to say has nobly got up at the crack of dawn to be with us, Ann Hyams, our Director of Investor Relations, and Ollie Winters, our Head of Communications. Turning over to slide two. This morning, I'll start by taking you through how our proactive actions have led to resilient performance during the year, how we've built an even stronger business during 2020, and remind you of why the long-term opportunity is so compelling. I will also introduce our sustainability agenda, which I'm extremely excited to share with you all. Andy will then take you through the financial review before I present our strategic update, along with Charles, who will update you on our performance in the U.S. Over the page. We entered 2020 with a strong financial position, which along with our asset light, flexible business model, enabled us to act on the front foot and maintain our investment during the year to ensure that our revenues only marginally declined, and in fact, increased over the second half of the year. At the start of the pandemic, we set up a cross-departmental team to coordinate the group's response, reacting quickly to changing channel dynamics and consumer demand, redeploying marketing budgets, and dealing with the ongoing challenges posed by the pandemic. The way our team across the globe adapted to working remotely and the commitment they have demonstrated through the period is a testament to the talent and dedication of our employees. While our strong business model enabled us to deal with the challenges of 2020, our actions over the year have further strengthened our business and long-term growth opportunity around the world. We will go into more detail throughout the presentation about how we've not only been able to support our team and our customers during uncertain times, but also helped to stimulate and take advantage of growing consumer interest in making long mixed drinks. Most importantly, the phenomenal off-trade growth across all our regions has seen Fever-Tree in more people's fridges around the world than ever before. We've increased our penetration in the U.K., consolidating our number one position and driven significant value share gains in the U.S., Europe, and as far afield as Canada and Australia. Turning over the page. While we continue to act quickly and dynamically in the face of the current situation, our long-term strategy remains unchanged as it continues to be underpinned by the global trend to long mixed drinks, as well as our excellent track record against the competition. As you can see from the slide, spirits have been growing ahead of beer and wine over the last few years, and this is expected to continue. Moreover, not only has the premium segment of the market been growing the fastest in our key markets, but Fever-Tree has almost doubled the growth of the rest of the premium segment between 2012 and 2019. We are the number one global premium mixer brand and have built an enviable track record in our ability to drive the growth and premiumize the mixer category across the world. Over the page. Even more encouragingly, these supportive trends have not only continued but accelerated over the course of 2020. As people have consumed more at home, they're preferring spirits to beer and wine, and many have been trying to create their own long mixed drinks for the first time at home, a trend we believe will remain even as the on-trade reopens. In addition, premiumization has also continued at pace across spirits as consumers continue to treat themselves to affordable luxuries. What is increasingly evident is that Fever-Tree sits at the heart of this fast-growing global movement to premium long mixed drinks. No one else is better placed. We have the first-mover advantage, a strong track record against the competition, an international footprint, tools, range, global brand recognition, and relationships to continue to benefit from and drive this trend forward. Before I hand over to Andy to take us through the financial review, I wanted to focus on sustainability at Fever-Tree. This is something that has been part of our DNA right from the start when Charles and I founded the brand and remains a consideration in everything we do, whether it be the selection of our ingredients and our focus on working directly with our longstanding suppliers, our commitment not to use PET bottles, our partnership with Malaria No More that has seen us contribute over GBP 1 million to the fight over the last three years, as well as our support for local communities during the COVID-19 pandemic. We have always wanted to create a positive, long-lasting impact, and over the last 12 months, we've been working hard to establish a clear framework for our sustainability initiatives focused on five branches, as set out in the slide. These branches guide our approach and ensure all our teams have sustainability considerations as part of their overall decision making and strategy. As a senior team, we are excited about the initiatives that are underway. We have a strong direction of travel in this area, and I look forward to talking in much more detail about them in the coming months. I will now hand over to Andy, who will take you through a financial review of the year. Thank you, Tim, and good morning everyone. Revenue of GBP 252 million represents a very resilient performance. The on-trade, which had made up 45% of our business, was impacted by lockdowns and restrictions across our regions throughout the year. So for total revenue to decline by only 3% really is testament to our strong performance across the off-trade channel globally, and in particular, a strong performance in our key growth markets. Tim and Charles will talk in more detail on that performance and progress across our regions. On slide nine, we break out the components of the move in gross margin. Now, we did this at the half year, and this is now the full year picture. Firstly, we expected to see some dilution in gross margin this year to circa 49%, which is broadly what we saw, driven by the U.S. price optimization and a lapping of some one-off adjustments in 2019. You can then see that gross margin was impacted by three further elements. Firstly, there were FX headwinds, largely driven by U.S. dollar weakness in the second half. Secondly, we see the impact of COVID related sales mix changes. Now, some of these impacts began to unwind in the second half of 2020, driven by regional mix changes rather than changes in channel mix. Overall, across the year, they still had a significant impact on gross margin in 2020. As we look forward to the second half of 2021, we expect to see this impact unwind further, particularly as the U.K. on-trade begins to recover in the overall sales mix. On a constant currency basis, and after these sales mix movements, we would have reported a 46.9% margin for the Fever-Tree business. We bring in the GDP portfolio brand revenue. In the second half, this equated to GBP 6.4 million of incremental revenue, but running at a 20% gross margin. This incremental portfolio brand revenue provides contribution towards the cost of the GDP sales team, but it dilutes the group's percentage gross margin, bringing it down to the reported 46.2%. Turning to slide 10, as Tim set out, 2020 was a year in which we continued to invest behind the brand and our people. Marketing spend was 9.9% of Fever-Tree revenue, and whilst we naturally made savings against on-trade plans, we redeployed the majority of those savings across the off-trade towards digital spend in the U.S. and our first national television advertising campaign in the U.K. We also ensured we continued to upweight investment in our key growth markets, with notable increases in marketing spend in the U.S., Canada and Australia. We increased headcount, welcoming 51 new members of the team following the acquisition of GDP and a further 35 new hires as we built capability in central functions such as marketing, innovation and our technical teams, while also adding to regional teams in the U.S., Europe and Australia. The result of these continued investments in the brand and our people was a 9% increase in operating expenses, which alongside the movement in gross margin, meant our EBITDA margins reduced to 22.6%. Turning the page, as we look to the balance sheet, working capital marginally improved in the year to 20.7% of revenue. We placed real focus on credit control throughout 2020, working closely with our U.K. on-trade customers and our international distributors. We reached out proactively in the initial lockdowns, offering payment freezes and extended terms. As restrictions eased, we agreed payment plans to support their return to trading. This approach was successful in terms of collecting amounts owed, but also in helping to further strengthen those key relationships. Operating cash flow conversion remained very strong at 96%, and despite all the challenges faced in 2020, our cash increased by 12% this year to GBP 143 million. Further testament to our outsourced flexible asset-light business model. The board are recommending a full year dividend of GBP 0.1568 per share, which is up 4% year-on-year and is a reflection of our confidence in our financial position despite the short-term impacts of COVID-19 on our profitability. Turning to slide 12, we reintroduced guidance for 2021 this morning based on the following assumptions. We're now 10 weeks into 2021, and in that period, we've seen our on-trade sales severely impacted with lockdowns in force across most of our regions, and these look set to continue until at least mid-April. Meanwhile, our off-trade sales have been very strong. In the U.K., our January Nielsen read was plus 38%. In the U.S., the Jan and Feb reads were plus 62% and plus 55% respectively. Strong as that performance is, the off-trade hasn't fully offset the absence of on-trade sales in the year to date. From mid-April onwards, though, the picture begins to improve. As we look to the U.K. Roadmap, we expect a small recovery initially as restrictions are eased over Q2, but with more substantial improvements as we proceed through the second half following the lifting of restrictions on June the 21st. We expect a similar phasing of recovery in the U.S. given the progress they're making with their vaccination program. While in Europe it's a slightly different picture with the vaccination rollout not as well advanced and infections again on the rise. We expect the on-trade recovery there to be delayed by one to two months. As the on-trade recovers, we expect our off-trade growth to moderate, particularly in Q2 as we lap those initial stockpiling periods from last year. In all instances, we expect the level of our off-trade sales to remain strong and ahead of those 2019 pre-COVID levels. Clearly in our key growth markets such as the U.S., Germany, Australia, and Canada, we expect to remain considerably ahead of that baseline given the strong progress we've made in rate of sale and distribution in the last 12 months. Taking this all into account, we're guiding to a revenue range of GBP 283 million-293 million, growth of 12%-16%, with the regional ranges as set out in this slide. This range reflects the severe impact of on-trade closures and restrictions across regions for the first half of the year and reflects the fact that the pace of the on-trade recovery over the remaining half of the year will be influenced by the exact timing and nature in which restrictions are lifted across regions, countries, and states, and the extent to which any social distancing regulations may continue to be applied. Whilst we anticipate a release of pent-up demand over summer, we also recognize that other key elements to trading, such as international travel and tourism, the return to office working, the staging of large events and business conventions may take longer to reestablish this year. While the pace of the on-trade recovery is difficult to predict, we are very confident in the strength of our position across both on and off-trade channels. Based on the progress we've made in 2020, are fully prepared and poised to maximize the opportunity as the recovery unfolds. We expect momentum to build month by month as we progress through 2021, and we look forward to 2022 and beyond with a real confidence. From a margin perspective, we expect gross margins and EBITDA margins to remain consistent with 2020. As the year progresses, there will be underlying improvements in the gross margin as the on-trade recovers. These will be offset in 2021 by continued FX headwinds and the impact of a full 12 months of GDP portfolio brand revenue this year. We will be focused on driving improvements in gross margin over the coming years as channel and territory mixes recalibrate further, but also as we drive efficiencies as we scale, including the benefits of local bottling in the U.S., and the commissioning of a further East Coast bottling line later this year will be key to driving those improvements. We expect our overheads to increase this year in line with revenue growth as we continue to invest and as we annualize the investment we made in our team in 2020. As we look ahead to 2022 and a more complete year of on-trade revenue, we'd expect to generate leverage from our overhead base, which will drive an improvement in EBITDA margins going forward. With that, I'll pass back to Tim. Thank you, Andy. Slide 13, our strategic update. I'll now take you through the strategic progress we've made during 2020 in the U.K. before handing over to Charles, who will provide highlights from the U.S. Finally, I'll take you through our performance in both Europe and the rest of the world. Over the page. All our regions delivered strong performance in the off-trade during the year, demonstrating the strength of the Fever-Tree brand in our more mature markets and how we continue to gain traction in our growth markets. The most notable strategic steps we took over the course of the year were the acquisition of GDP, our sales and marketing partner in Germany, along with the establishment of our first local bottling partner in the West Coast of America, which started production at the end of December. I'm also pleased to announce that we have secured a second bottling site in the U.S. on the East Coast, and aim to start bottling here during the second half of 2021. Turning to the U.K. We delivered a strong off-trade performance in the U.K., generating GBP 76.9 million revenue through this channel, an increase of 20% year on year, which exceeded our expectations. There's been considerable increase in at-home consumption of both spirits and mixers as consumers' interest in making long mixed drinks gain traction. All the major spirit categories saw sales increase well into double digits during the year, with more retailers dedicating shelf space to spirit promotions. Alongside this, the mixer market also performed very strongly and premiumization accelerated. Fever-Tree grew ahead of the premium mixed category, ending the year with 40.1% value share to retain our position as the clear number one mixer brand at retail. Most pleasingly, we increased our household penetration by more than three times the mixed category, which means that Fever-Tree is being added to more shopping baskets than any other mixer brand, which I think is a remarkable achievement for a premium brand. The chart in the bottom right-hand corner of the slide highlights our strong off-trade performance during 2020 versus 2019. While we benefited from elevated purchases during lockdown, what you can also see is that our strong outperformance is maintained even during periods when the on-trade is open, giving us confidence in the brand's strength in this channel, even when life returns to normal. Over the page. As we all know, a number of lockdown periods closed the on-trade for a substantial part of the year. Consequently, our focus for this channel was to proactively support our customers through credit extension and payment plans. We also offered to help our customers as they prepared to manage the new ways of trading once the first lockdown was lifted at the start of July. This included providing stock and point of sale materials to support the focus on using outdoor space. This level of ongoing support was gratefully received and has strengthened our relationships with many of our long-term customers. During the summer period, when the on-trade was open, the market saw an encouraging few months of trading, supported by government schemes such as Eat Out to Help Out. Fever-Tree maintained its value share of 48% during this period, and interestingly, consumers seem to be placing even more emphasis on exactly what's going into their long mixed drinks than before the pandemic, with quality and type of mixer gaining in importance as people have experimented at home, often with more premium brands. Fever-Tree's association with high quality ingredients and as a mixer for good quality spirits, along with the strength of our relationships across all our accounts, sets us apart from the competition and puts us in a strong position with both consumers and the trade. This has been reinforced by our industry awards, such as being voted the number one best-selling and top trending tonic water by the world's best bar for the seventh year running. All these factors make us even more optimistic when the on-trade reopens. Over the page. Turning now to our strategic progress during the year. While of course, the impacts of COVID caused many challenges, we've been able to not only adapt to short-term changes to consumer habits, but also continue to deliver against our long-term strategy of producing innovative new products, flavors, distribution approaches, and marketing campaigns. Our premium soda range was launched in March and has seen a very positive response from consumers, with new listings secured and very encouraging rate of sale performance across retailers. Perhaps most encouragingly, this new range is specifically targeting the very large vodka category, and with it, early signs are showing that it's already attracting a new, younger consumer to the brand. Alongside this, we continue to see very strong growth in our gingers and encouraging early traction of our Rhubarb and Raspberry Tonic, which was launched in October. As well as our new launches, we've also gained distribution across grocery and convenience channels with significant gains in Sainsbury's with our new sodas and in Tesco with our can formats. One of the biggest shifts in consumer behavior was acceleration in online purchases, which we have capitalized on by building and strengthening our online distribution channels, particularly with Ocado and Morrisons, driving e-commerce sales. Finally, our proactive actions around our marketing spend mean that we were able to take advantage of price-effective opportunities and continue to increase awareness of the brand and reinforce our superior quality credentials. Not only did we launch our very first national TV campaign, but we're also delighted to work along Sainsbury's and Spirit partners to bring to life our Fever-Tree Gin & Tonic Bay, the first mixer-led spirits co-promotion of its kind at U.K. retail, encouraging shoppers to find that perfect pairing across the Fever-Tree range with recommended gin partners. This not only emphasized the brand's strength at retail, but also our position as the enabler for consumers to explore and experiment across the category. In summary, as you can see from these slides, despite the short-term disruption of COVID, we remain very confident in the long-term success of the U.K. business. We remain the market leading premium brand by a significant margin in both the on and off-trade, we continue to win new distribution with a rate of sale well ahead of our competitors, and continue to invest across the whole business, from innovation and NPD to customer support and marketing, putting us in an unrivaled position as we return to more normal trading conditions. With that, I'll now hand over to Charles to take you through our progress in the U.S. Good morning, everybody. I'm delighted to be speaking to you from New York this morning where the local team have delivered a strong performance over 2020, and I'm extremely proud of all the growth we've achieved here. We've continued to build momentum in the U.S. despite the impacts of COVID on the on-trade sales, and have delivered £55.5 million worth of revenue, 23% increase year-on-year, and 26% increase on a constant currency basis. We've seen the continued growth in premium spirits, outpacing the growth of both beer and wine, led primarily by tequila and U.S. whiskeys. This gives us great confidence in the future health of the mixer category and Fever-Tree's prospects within this. A partnership with Southern Glazer's Wine and Spirits has only strengthened during the past year, expanding now to over 30 states with the liquor channel itself delivering excellent growth through 2020, thanks to numerous spirits partnerships executed brilliantly at retail. During 2020, our retail Nielsen sales increased by +57%, with over +50% growth in every one of our core four drinks categories. We were the leading contributor to premium mixer growth, delivering 44% of the growth in this segment, whilst gaining share in both tonic and ginger beer. I'm proud to say we're now the leading ginger beer in 14 cities around the country, and the number 2 mixer brand nationally across the categories of ginger beer, tonic, and club soda. Moving to slide 19 and looking in more detail at our off-trade performance in 2020. We outperformed the mixer category by an average of 40 percentage points over the year. This was driven by a multitude of factors throughout the year, which I'm going to go on and detail now. Firstly, we entered lockdown in a very good position after positive trading in January and February, primarily driven by our strong distribution gains during the second half of 2019. Performance then accelerated further thanks to the substantial pantry loading during March, instigating a shift to at home consumption when the on-trade was closed. Simultaneously, we were implementing our price optimization, which became visible on shelf from March through to June. From March onwards, we also benefited from significant investment in our targeted online media campaign, focused on educating consumers on how to make great tasting drinks at home, and then driving these consumers to their local retail accounts for purchase. In H2, whilst we started to annualize our 2019 distribution gains, performance was robust as the price optimization helped to drive growth by encouraging new consumers to try the brand, as well as enabling current users to adopt it as their primary mixer. A combination of all the above has ensured that we've consistently outperformed the mixer category, and consequently, we remain the clear market leader in the premium segment and are driving premiumization across the whole category. Moving on to slides 20. On top of navigating the COVID impacted trading environment, we've maintained our focus on building the long-term success of the brand as we continue to grow and gain traction in this market. With a strong team now in place, our expanding distribution footprint and our ever strengthening relationships across our distributors, customers, and the trade, the focus at the start of the year was on the price optimization and enhancing our format availability. We've been very encouraged by the initial results of the price change, which allows us to be perceived as an everyday affordable treat rather than an occasional luxury product, broadening our consumer reach, encouraging trial, and of course, increasing consumption. We also launched our new Sparkling Pink Grapefruit to pair with tequila and create the perfect lower calorie Paloma, leveraging the exceptional growth of this spirit, which has continued to accelerate during 2020. This has been our most successful new product launch in the U.S., already gaining significant attention from retailers and consumers, and we're very excited about the Pink Grapefruit potential going forward. Alongside our recent launch of our Sparkling Lime & Yuzu ahead of this summer, which is targeting both the vodka and tequila occasions. We increased our marketing investment, but redirected this from the on-trade to online with a targeted campaign across 10 major cities, thanks to our partnership with the Google Accelerator program. We also work closely with liquor delivery platforms, built additional content on the e-commerce sites of major retailers, increasing our online sales penetration with Amazon, Target, and Walmart, are all up by more than 100% during the year. Finally, we used our increasing brand traction and strong performance throughout the year to demonstrate the benefits of selling Fever-Tree to retailers and continue to win new distribution, increasing the number of stores, our points of distribution, as well as number of facings per account. Although many shelf resets were delayed till the end of the year, we were still able to make some gains during 2020, with many more secure for 2021, which will start to appear in Q2 and Q3. Equally, in the on-trade and despite COVID, we won multiple new long-term agreements with national accounts, thanks to the strength of our portfolio, the full benefit of which will be felt in H2 2021 as this channel reopens and domestic international tourism starts to return. Moving to slide 21 and looking at the longer term opportunity. Our confidence in the long-term growth in the U.S. is underpinned by the size of the market opportunity, which we've outlined on the left of this slide. Premium spirits are extremely healthy, growing strongly with substantial runway still ahead. Increasing appreciation of craft alongside the general consumer trend of longer mixed drinks and lower calorie drinking, all play to Fever-Tree's strength. In this regard, the U.S. still has tremendous opportunity ahead, and we're increasingly well poised to take advantage of these trends, in particular as the on-trade returns. This is because of Fever-Tree's unique strengths as a brand, our ability to tackle a variety of drinking occasions through our four-drink strategy, along with a fantastic team and unique distribution network we have built. In addition, we will continue to invest in marketing to drive trial and awareness, as well as tailoring our innovations to meet the U.S. drinking habits, expanding our reach into every popular drinking occasion. Sparkling Pink Grapefruit's initial success is a testament to both our consumer understanding as well as our ability to leverage our network and flex our marketing muscle. As I trust you see from these few slides, we not only delivered a strong performance during 2020, but we remain as confident as ever in the long-term opportunity with the medium-term potential for five times growth from where we sit today. Thank you again for your time. I will now hand you back to Tim to talk about Europe and the rest of the world. Thanks, Charles. Turning to slide 22 and turning to Europe. Our revenue for the year was GBP 65.3 million, an increase of 1% year-on-year after strong growth of 27% in the second half of the year, due to a good off-trade performance across the region. A promising on-trade performance during Q3, where many outlets were open and good contribution from GDP's portfolio brands, all of which exceeded our expectations. Despite the impact of COVID, we continued to invest in the region as we look to the long-term opportunity, which we remain very optimistic about. Mirroring the U.K. and U.S., we refocused spend from the on-trade to focus on channels which could drive spend over the period, including co-promotions and shelf presence at retail, as well as online communications to enhance the brand's visibility. We also demonstrated our confidence in the European opportunity and specifically in Germany by acquiring GDP, our long-term partner and well-established sales agents in Germany, to provide us with a strong operational footprint with which to continue to drive our growth. Germany represents a notable opportunity for the group. It is one of the largest mixer markets in Europe and is underpinned by emerging premiumization trends evident in both the mixer and the spirit categories. The acquisition of GDP with established management, distribution relationships and sales channels already in place, allows the group to accelerate the strength and depth of its presence in Germany much faster than could have been achieved by building the same capabilities from scratch. They have a strong record of growing premium brands using a portfolio approach, which is highly suited to the size and outlet fragmentation of the German market. Moreover, having a portfolio of premium brands will give us more influence with wholesalers and key accounts, making it more cost efficient to have a large sales team and will deliver approximately GBP 30 million in incremental brand revenue during 2021. Over the page. Our long-term strategic approach to Europe, where we break down the region into core markets. Next wave markets and earlier stage markets remain the lens we use to take advantage of the opportunities across the region. Core markets, including Belgium, Denmark, and Ireland, contributed to about a third of our European revenue during 2019, which we are still using as a baseline after an unprecedented year during 2020. Fever-Tree has a strong position in these markets, where premium tonic has achieved a large or market-leading share, providing a blueprint for what can be achieved elsewhere in the region. Our focus is on maintaining the position we have established in the tonic category while driving growth through range and format extensions, such as the introduction of can formats in Denmark and Refreshingly Light ranges in Belgium, meeting consumer demand for increased convenience and lighter drink options. Next wave markets, including Germany, Spain, and Italy, contributed to about 45% of our European revenue in 2019. These are countries where Fever-Tree currently has relatively low penetration in sizable mixer markets and where significant growth opportunities exist. Our focus this year has been making sure we have the right portfolios in the right markets, building strong co-promotional campaigns, and being visible in the on-trade during times when it was open. Consequently, in Germany, we ran a co-promotion with Bombay Sapphire, as well as launching and rebranding our Refreshingly Light tonic to dry tonic to meet consumers' preference for lighter options. We also up weighted our presence and visibility in outdoor terraces over the summer in Italy and Spain. Earlier stage markets such as France and the Netherlands contributed about a quarter of our European revenue in 2019. In these markets, we focused on establishing the conditions and infrastructure we need for growth within currently immature mixer categories, such as working with large retailers and spirit partners to promote long mixed drinks and premiumization. Over the page. This final European slide demonstrates that despite the uncertainties and short-term disruption COVID has brought, Fever-Tree's growth remains strong and ahead of the market in almost every country, increasing our confidence and optimism about the medium and long-term opportunity in Europe. Importantly, the trend to long mixed drinks is growing in most European countries with healthy mixer category growth and Fever-Tree as the largest premium mixer by value across the region. This puts us in a very strong position, not only to capitalize on the supportive underlying trends, but also to drive these further by premiumizing the mixer category and partnering with spirit brands to promote specific serves. While we have a good and growing presence across the region, there is still a significant amount of white space in both the on-trade and the off-trade. We are confident we can exploit this through our strong relationships with key partners such as Grupo Damm in Spain. Overall, there are a good number of markets of varying stages of maturity that offer good potential for Fever-Tree going forward, and we continue to invest and focus on the opportunity that they present. Slide 25, rest of the world. Our final region is the rest of the world, where we had another strong performance, especially during the second half of the year. We increased our revenue by 58% year-on-year to deliver total revenues of GBP 25 million for the region, 80% of which comes from Australia and Canada. Both Australia and Canada continue to win significant distribution gains and increase their rate of sale in outlets where Fever-Tree is present as the brand starts to gain traction in key on-trade and off-trade accounts. We are the premium category lead in both markets, driving category growth at the premium end. In Asia, we continue to optimize our route to market and build our distribution with important new distribution partnerships in both China and Hong Kong. In addition, we signed a significant deal with Accor, the largest hotel group in the region, to become their preferred supplier across their premium plus portfolio in Asia-Pacific, gaining a foothold in this important channel. We remain very optimistic about the medium term opportunities in a number of territories across Asia-Pacific. Slide 26. Looking in a bit more detail in Canada, the mixer market continues to grow and premiumize at pace. The premium segment grew by over 50% during 2020, well ahead of the total market, which grew at 24%. Within the premium segment, Fever-Tree has grown even faster at 61% as we continue to increase trial and awareness and secure new distribution with a number of key accounts. Fever-Tree is particularly driving growth in the tonic category, contributing to almost half of the total tonic category's growth during the year, more than any other brand. We now have about 1/3 of the category share by value at retail and continue to increase our rate of sale in major retailers, as well as winning new distribution, both in terms of a number of accounts and facings in store. Continuing to increase our distribution, our priorities for the coming year is to introduce new formats such as cans and 500 ml bottles and drive consumer engagement using new product launches and educating the market on perfect pairings. Over the page and moving to Australia. In Australia, long mixed drinks continue to gain popularity and premiumize, led by the gin and tonic with the total mixer market growing at 29% year-on-year. The premium segment growing at 51% and premium tonics growing at 75%. Fever-Tree continues to be the clear premium market category leader and responsible for driving growth within this segment, growing an impressive 108% year-on-year at grocery. We've also had huge success in the important liquor channel, with 80% growth during 2020. Spirits must be purchased via liquor stores in the off-trade in Australia, as they can't be purchased at grocery. Presence and growth in this channel is crucial to drive cross-purchase by increasing ease of shopping, selling complete gins, and suggesting new pairings. As we look forward to 2021, our priorities in this exciting market are to continue to drive the momentum in premium gin and tonic segment, drive incremental distribution across all channels, and increase our range and format to appeal to a broader set of consumers. Over the page, the final slide. In summary, I'd like to finish with the same important messages that I started with this morning. Fever-Tree entered the crisis in a strong position as a business with a diversified channel mix, a strong net cash position, and operational flexibility. Consequently, we've been able to act on the front foot, taking proactive steps, not only to mitigate the short-term impacts of COVID, but also to take advantage of the growing interest around the world in long mixed drinks. Our long-term strategy remains unchanged and continues to be underpinned by a number of well-established long-term global trends. Namely, strong growth in premium spirits, consumers increasingly choosing spirits ahead of beer and wine, and consumers' increasing desire to drink their spirits long and mixed. Fever-Tree's proposition clearly sits at the epicenter of these trends. As these results demonstrate, we have seen these trends not only continue throughout the pandemic, but in many cases accelerate, which gives us even more confidence in the future growth potential for the business. I continue to be very proud of our fantastic team and our ability and willingness to invest ahead in terms of people, route to market, portfolio, and marketing. While the current crisis has created challenges, it has also created opportunities, and I have great confidence that we will exit the crisis in even stronger position than we entered it. Thank you for listening this morning. Andy, Charles, and I are now happy to answer your questions. Our first question comes from Edward Mundy of Jefferies. Edward, please go ahead. Morning, Tim, Andy, Charles, and Ollie. I've got three questions, please. The first is for Charles. Fantastic momentum in the U.S. last year. Could you talk a little bit about some of these opportunities for much more new distribution to come in 2021? Also the comments around this will be supported by new pricing. The second question is again, also for Charles. I think there's a slide in there, I think it's slide 23, where you talk about the premium spirits market within the U.S. being 11.5 times the size of that of the U.K. The opportunity in the U.S. for you is 5 times that versus what you've currently got within the U.S. Can you talk about why there is a difference there, given that your level of penetration is lower? Is there something to do with how Americans drink premium spirits, possibly more neat than necessarily in the mixer? The third question is for Andy, just around margins. Very useful margin bridge you've provided. I was wondering whether you could talk about this margin outlook in 2022, where I think you talked to some optimism on margin expansion. Perhaps in particular, the point around both channel mix being positive versus regional mix being negative. I'll kick off there. Thanks, Edward, for those. Firstly, I think your first question really is about growth and pricing in the U.S. Obviously, we implemented our price repositioning, our price optimization, which really took place between March and June last year. I think what you're getting is what was the impact of that. It was very hard, obviously, in H1, to be able to disaggregate price from the white noise of COVID, the huge distribution expansion that we'd seen. As things started to normalize for 2020, in the second half of the year, what we were able to see was the price repositioning has allowed us to do, I think, a number of things. One is accelerate growth well ahead of the category. We're growing at 40 percentage points ahead of the category right the way through the second half of the year. A lot of that was driven by the price repositioning. We saw increased rate of sale in accounts, increased rate of sale by pod, also sales into new accounts that we hadn't really seen before, which obviously shows expanded reach and new consumers coming into the brand, particularly as we were visible in more places and more stores, not only in the national grocery, but also in the local liquor store channel. That became, if you like, the second people went to the grocery store, and then they went to the liquor store to go to buy their booze during lockdown. Our sales in that channel grew exponentially over this time. We certainly can see and we can feel the benefit of that in terms of consumer offtake. Equally, it's also stimulated a very different approach from our retail base. With regards to the brand, people who were looking at listing maybe only had us in the 4X200 mil packs are now taking on the 500 milliliter. Obviously, as we're launching the cans, which we did really during last year and really going to gain pace this year, they're suddenly seeing Fever-Tree as having an offer on multiple consumer occasions. Cans and 500 mil getting incremental distribution. We've also, one simple example, a major national retailer increased our facings by 60%. They took us from having about 12,000 facings to just under 20,000 facings during the second half of the year, all off the back of the price repositioning. This gives us great confidence that that was the right move at the right time, and that's what's going to help fuel growth going forward. In terms of where distribution sits going forward, which I think was the other part of that first question, distribution for us, we're very well established now in the grocery chains, the major grocery chains. We've got very good penetration overall. However, what we're now looking at is how do we expand our points of distribution per account and our facings per account. Points of distribution, how do we expand the range, but also how do we expand the range, not only in flavors but also in formats to capture different consumer occasions, with 500 ml and cans being the lead there. Secondly, obviously, facings, and secondary points of visibility, and then obviously supporting that promotional programming. That's how I see the growth coming through. We've got some fantastic wins coming through in the next three to four months, with a number of the major retailers from Walmart, Target, Kroger, Publix, all expanding their Fever-Tree presence on shelf. Charles. In terms of- Just to be clear, there's not another set of pricing optimization coming through in 2021? No, there's not. No. Very good. Cool. No. We believe we're actually at the sweet spot at the moment, which is really capturing, remaining the leading premium mixer, but really capturing that consumer who's looking to trade up and elevate and enhance their drinking experience. In terms of the opportunity in the U.S., look, we've set a midterm, I wouldn't say a long-term, I'd say a midterm opportunity of five times growth. I think that's a realistic horizon, for the medium term. To your point on the way that the U.S. consumer consumes, absolutely, there's many more cocktails consumed in the U.S., obviously, than anywhere else in the world. As the on-trade returns, cocktails form a part of that on-trade experience. We play a strong role in that cocktail business. Yes, the U.S. consumer drinks more cocktails than anywhere else. I would say the neat consumption is probably slightly higher here than in other parts of the world, particularly when you look at categories such as vodka, tequila, and whiskey, which are consumed significantly more neat. That's why we set ourselves this midterm opportunity. For me, it's more about looking at what the U.S. consumer is drinking, and then how we tap into those occasions. We know, for example, the tequila drinker drinks margaritas. Yes, they drink it neat. They drink it as margaritas, but actually, they really enjoy it as a mule and as a Paloma, and we've seen the Paloma really rise up over the last summer. We want to take advantage of that. The tequila lime and soda is a very popular drink, hence the launch of the Sparkling Lime & Yuzu, which is going live this summer and already getting some fantastic press. In fact, it was featured in The New York Times yesterday as we launched the product in the U.S. Capturing those drinking occasions, but understanding obviously that we've got a medium-term goal and then obviously longer-term goals. If that answers that part of the question. Good. Thank you, Charles. Cheers. Thank you, Andy. Morning, Edward. In terms of margin evolution, it's probably just helpful to kind of walk through where we ended 2020 and how we're seeing things move over the next couple of years. If you look at the bridge, if we think just about the Fever-Tree business first and foremost, at the end of 2020, you can see that Fever-Tree business was running at 46.9%, so basically 47%. If we think about what's happening in 2021, the main sort of underlying movement that we're expecting to see is some unwind of the U.K. channel mix. We spoke at half year about, in terms of on/off splits, there's only really one country where we're exposed to movements in channel mix, and that's the U.K., because of our route to market. We sell into distributors, we sell into the on-trade, and directly into retail. Elsewhere around the world, differences in channel mix don't impact our gross margin as directly. When we think about 2021, and we think about the guidance, and we think about the guidance being underpinned by this gradual return of the on-trade, we are expecting to see some benefit to gross margin in 2021. I think it's really important to make that point. If you imagine Fever-Tree running at 47% in 2020, we're expecting to see some upside really coming from that U.K. on-trade coming back through later in the year. However, that's going to be pulled back by the reality of FX this year. The dollar's moved out to 1.39. That's almost an 8% weakening. That upside will get pulled back to broadly, we believe, about 47.5%. We'll be running at 47.5% for the Fever-Tree business. You bring in a full year of the GDP portfolio brand revenue. We've been guiding to GBP 13 million of GDP portfolio revenue at a 20% margin. That's actually 130 basis points of dilution when we consolidate that in. That's how you get from 47.5% for Fever-Tree to a consistent, stable 46.2% group margin in 2021. We then think ahead to 2022 and beyond, we go back to that Fever-Tree margin of 47.5%. We expect to see further upside from that U.K. channel mix. In the U.K., channel mix in 2020 went from 50/50 to 75/25 weighted to the off-trade. Because of the gradual reintroduction of the on-trade in 2021, we only expect that to recalibrate probably more to two-thirds, one-third in 2021, we see more opportunity for a recalibration in 2022 onwards. We're going to see further benefit to that Fever-Tree gross margin in 2010 beyond as the U.K. on-trade recalibrates. Then we think about our regional mix. As we spoke at the half year, the drag on gross margin from regional mix comes from the U.S. Now, from a cash margin perspective, every case of Fever-Tree we sell in the U.S., we make just as good a cash margin in the U.S. as we do in our other regions. That divides into a slightly higher revenue number, which is why it's diluted from a percentage gross margin. The progress we're making in terms of now starting to bottle on the West Coast and announcing today the fact that we're extending that to the East Coast and we'll be commissioning that line later in the year, means that as we progress through 2022 and 2023 and beyond, we're going to be able to improve that underlying U.S.% gross margin because we're taking out quite significant logistics costs of transporting our products over the Atlantic and replacing it with local production. We can scale that local production as we execute against that significant U.S. opportunity that Charles has just been speaking about. When we think about 2022, we can take that underlying 47.5% Fever-Tree gross margin and start to really improve it back up to where we've been historically. Not necessarily all in one year, but certainly over the coming two to three years. The other thing we just always have to now appreciate is the fact that following the acquisition of GDP, there's incremental revenue, right from this portfolio brand. They run at 20%. In 2021, we're saying that's going to be diluted to the extent of about 130 basis points. In 2022 and beyond, depending on obviously how Fever-Tree grows relative to that portfolio, it could still be 100 basis points of dilution when we talk about the reported Fever-Tree gross margin. I hope that's helpful, Ed. There's lots of moving parts, but we're very confident that frankly, the U.K. channel mix, local U.S. production, plus frankly, the ability to scale through our network and really drive improvements, can lead to that gross margin appreciating back up to historic levels over the coming two to three years. The GDP, the GBP 13 million, is that the first time impact in 2021, or do you think that's the annualized 12 months impact? Yes. That's the annualized. Obviously acquisition right at the beginning of H2 last year, and we added GBP 6.4 million of revenue in the second half of 2020. This year, 2021, we're looking to GBP 13 million of revenue. Those 130 basis points are the full year impact. Last year, we had about a 70 basis point impact just from that GDP portfolio brand revenue. The impact to 2021 should be more like 60-70? Exactly that. Yeah. Yeah. Just because we've got that extra six months. Going forward, that will all annualize. Got it. Thank you. Okay. Our next question comes from Jemima Benstead of Citi. Jemima, please go ahead. Hi. Morning, everyone. Thank you for the presentation. I've got three questions from me, please. Firstly, a few on the U.S. Just to pick up on Ed's question, you're obviously guiding to about 20% growth in 2021, I just want to get a bit more detail on how we're thinking about that midterm growth. You're talking about a run rate to grow over five times, previously you've been speaking about growing 30% after the price readjustment. I just want to come back to that 30%. Is this still sort of an ambition in the midterm or kind of from 2022 onwards? Secondly, on the U.S., I just wanted to pick up on your confidence in premiumization in the U.S. expecting consumers to adopt Fever-Tree products in the on-trade as it reopens. I was just wondering, is this what you've seen in some of the states that have started to open up? Or have bar owners been a bit more reluctant to add Fever-Tree into their portfolios if they are carrying a narrower range of SKUs or being more cautious or cash constrained? Finally, one on e-commerce. I was just wondering if you could talk about how online penetration has developed through the last 12 months. For the U.K., you speak about creating branded pages on retailers' websites. I'm just wondering if growth through e-commerce impacts your margins at all. Thank you. Do you want me to start? Shall I just very quickly, just the first part of your first question, Jemima. I'll pass back to Charles around those longer term growth prospects, which we remain very confident of. Just on that 20% guidance for 2021, that's building in the impact of these FX headwinds. In absolute terms, you've got that 8% movement on U.S. dollar, which even with hedging takes GBP 4 million-5 million of reported U.S. revenue on a sterling basis out of the equation. When you look through that 20% growth rate and look at the underlying, our range is close to sort of 26%-28% underlying growth. much closer to that previous kind of 30% expectation, if that's helpful. I'll pass back to Charles about ultimately confidence in executing against that fivefold opportunity. Sure. Yeah, I think I'll just say, look, with regards to last year, you already saw it at the end of last year, 23% reported, 26% constant currency, and that was obviously after the price repositioning, which meant that the actual consumption growth was even ahead of that. Where do I look at for the long term? I think it's threefold. Firstly is innovation. I talk an awful lot about our four-drink strategy because this is key to actually unlocking different consumer and unlocking every drinking occasion. We look at our tonic business and how we unlock tonic through gin, through vodka, through aperitivos. We look at ginger beer and how we unlock that, yes, through vodka, but also through tequila and through whiskeys. Then, the most dynamic part of the category at the moment is this lower-calorie drinking, so spritz category. Spritz, low-calorie Paloma, which is why I’m really excited about the launch of Sparkling Pink Grapefruit. The rate of sale on that product is already rocketing up the charts internally. The initial reception to our, again, lower calorie lime yuzu soda product is fantastic because, again, this is something that really fits this low-calorie drinking, but adding a Fever-Tree twist and enhancing the drinking experience. Innovation, and as we look at more and more drinking occasions, we’re going to continue to innovate. Secondly is distribution. I’ve spoken a little bit about that before when sort of answering Ed’s question. Absolutely, it’s about distribution, yes, getting into more accounts. Equally importantly now is depth per account and being able to hit consumers on different occasions. The best and the simplest example I can give you is that about 55% of all tonic water in the U.S. is consumed in one liter PET bottles. We are dominated by the four by 200 ml, that's our image SKU. We haven't really tapped that occasion yet, that we do through our 500 ml bottle. Expanding the distribution, getting more availability of that for people who've now tried it as a single-serve bottle is key. Obviously, cans is for those people who've really adopted the brand and are pantry stocking, but also play a very useful role for us in the on-trade. Finally, you asked a question about the on-trade. The fun fact from us from last year was we actually signed up more on-trade national account business during 2020 than we had during 2019. Obviously, that was because we made a very bold decision not to furlough anybody. We've stayed in close contact with our customers. They really respected the fact that we did so. We picked up a lot of very big national account business. If I give you two examples, one is MGM Resorts. That's about 30 casinos, about 200 outlets in total, are all going to be Fever-Tree outlets. What we're seeing as outlets are reopening is this gives us a really good opportunity to attack the gun. The gun is known to be, it's not particularly sanitary. It's actually very expensive if you're opening and closing your bar every couple of weeks because you've got cases in and cases out. To throw away those horrible bags of syrup that they use, whereas Fever-Tree can be left in the fridge, stay fresh, and consumers are valuing that. Therefore, the freshness of serve is something that we're really being able to play on, along with hygiene, cleanliness, and all the rest of it. We are seeing outlets continue to premiumize, and our on-trade business is very robust as we come back, and we're very confident again for H2 this year once it returns. Finally, on e-commerce, Drizly, Amazon, all these people have been fantastic partners for us, and it's just a great way of aligning our brand alongside spirits when we're selling, and that's growing very strongly. And just- Thank you. Tim here. Just I think to pick up on that e-commerce you asked about margin. The majority of our e-commerce goes through our existing retail partners at the same price point. No, there is little to no impact on margin. In fact, we're very excited about this e-commerce channel. We've grown very strongly through it in the last year, and we see it as a great opportunity to communicate more about the brand, to educate people more about the brand. The one thing we've seen time and again with e-commerce, it's strong brands that win. People have less propensity to browse online as they do in store. It's the strong, well-known, recognized brands that really benefit and prosper. For the reasons I labored in the presentation, I think we're incredibly well set for that. Perfect. Thank you. Our next question comes from Doriana Russo of HSBC. Doriana, the line is yours. Thank you very much. Thank you for taking my questions. I've got a few. Doriana, I'm afraid we can't hear at this end. Would you be kind enough to speak up? Okay, I'm going to turn it up. I just wanted to go back to the opportunity in the U.S. in the on-trade. I remember historically you said that the addressable market was something along the lines of 100,000 accounts, if I'm not wrong. Where are you at the moment? How do you see the development Doriana, I'm really sorry. I'm afraid the reception, we just can't hear the question. Very sorry. I got that first question. I'm happy to answer that. Doriana, I'll answer that first one, which was in terms of the on-trade, absolutely. We benchmark, if you like, the addressable universe as being about 100,000 accounts. We benchmark that off a leading super premium vodka brand, which gives you a good scale because that type of account will be carrying premium spirits. In 2019, we were talking about approximately 24,000 accounts. At the end of last year, absolutely, clearly that's dipped over that period. What are we looking in terms of a midterm target? We're looking at about 60,000 accounts that we believe are the correct midterm addressable universe for Fever-Tree. That basically gives us a good premium, sort of a realistic premium account basis from which to operate. For us at the moment, the key is winning, really these national accounts back, which are so fundamental. Believe it or not, we call on 400 different national account groups here in the U.S. Winning those back, and as they return, absolutely, we're very confident. We're starting off normally in these accounts with our ginger beer, but they're adoring the pink grapefruit. We believe the lime and yuzu has got a real potential there. Then obviously the flavored tonic waters, which generally don't appear on the gun, are great ways for us to start infiltrating with our tonic water portfolio, particularly the Elderflower Tonic Water, which is very popular here in the U.S. Hopefully that answers that for you. Our next question comes from Nicola Mallard. Nicola, please go ahead. Morning. Thank you very much. Just a couple of questions. Spain, I was surprised to see that in your, I can't quite remember the title, but it was the middle sort of channel in Europe. I'd have thought that would have been more mature, but perhaps you could give us a little bit more detail on the opportunity in Spain because I know it's a big tonic market, and I assumed it was a good market for you historically. Also on margin, I appreciate the mix changes and, Andy, you've been brilliantly clear on what's been sort of moving that margin. Can we just confirm that if you looked solely at the retail margin in the U.K., that there wasn't any deterioration in that through the course of the year? I mean, clearly you've had superb growth. Did that come at a price in terms of extra promotion or cost in that regard? Thank you. Hi, Nicola. Morning. Tim here. I'll just be very quick on Spain is that, no, it's in that next wave group because we really do see the potential of the opportunity in Spain. As you will remember, that was one of our first international markets, and it really helped seed and develop the brand. It's been relatively slow compared to some of their European counterparts in the way that that market has premiumized. We actually think the conditions now are more favorable for us to invest our time and money in that market, and we really do see some significant potential. That is why we put it in the next wave, and that's why we're going to be focusing on it. Particularly now, we're working with our partner, Grupo Damm, who have real strength and influence in that market. They've got a very strong sales team and sales force, and they themselves believe now is a great time to really start to invest more into that market. That's why it sits there in the next wave, and we're quite optimistic about it. And Nicola- Thank you. On the underlying U.K. retail margin, no deterioration 2020 versus 2019. Promotional intensity, relatively similar year-over-year. Yeah, it held up very consistently. It really is all around mix rather than underlying. Wonderful. Thank you very much. With that, we will conclude the Q&A session. I will hand back to the team for any closing remarks. No, other than just to thank everyone for listening. To encourage everyone to get out to that on-trade as soon as it reopens.