Hello, everyone, and welcome to the Fever-Tree Interim results 2021. My name is Bethany, and I'll be coordinating your call today. If you would like to ask a question during the Q&A session, please press star followed by one on your telephone keypad. I now have the pleasure of handing over to Timothy Warrillow, Co-Founder and CEO of Fever-Tree. Tim, over to you. Thank you. Good morning, everyone, and thank you for joining us to hear about Fever-Tree's performance during the first half of 2021. My name is Tim Warrillow, Co-Founder & Chief Executive Officer of Fever-Tree. I'm joined on the call by Andy Branchflower, Chief Financial Officer, Charles Gibb, all the way from New York, our North American CEO, Ann Hynes, Director of Investor Relations, and Ollie Winters, Head of Communications. This morning I will start by reminding you why the long-term opportunity for the business is so compelling, as well as giving you a positive update as part of our sustainability agenda before Andrew takes you through the financial review. I'll present our strategic update along with Charles, who will update you on our performance in the U.S. Summary. Group's strong financial position along with our asset-light, flexible business model, has enabled us to act on the front foot and maintain our investment throughout the pandemic. As a result, we remain in a very strong position relative to our competitors around the world. From the support we provided our on-trade customers during difficult months last year, to the focus we place on driving success in the off-trade, and the investments we continue to make in our brand, products, and operations, we demonstrated our confidence in the long-term opportunity for the business and ensured we continued to take advantage of growing consumer interest in making long mix drinks. Most pleasingly, we've been able to build on our success during 2020, driving further value share gains across all our key markets at the start of 2021, both in the off-trade and as the on-trade reopens. We therefore look ahead optimistically to the future. Our long-term strategy remains unchanged as it continues to be underpinned by the strong global trend to long mix drinks. As you can see from the chart on this slide, the value of the global spirits market has been growing over the last five years, with the most premium segments in our top 15 markets growing from just under a third of the spirit category in 2015 to 40% in 2020, significantly outperforming the standard and value segments, a trend which is expected to continue for the foreseeable future. Over the page. Even more encouragingly, mixer categories across all our key markets have also been growing and premiumizing. In the U.K., Europe, and the U.S., the mixer categories have all grown by over 10% CAGR over the last two to three years, with the premium segments once again outpacing mainstream. This is especially the case in the U.S. and Canada, where the premium mix categories have grown over 3 x faster and almost 10 x faster than the mainstream categories, respectively, with Fever-Tree making good progress in these markets. Our excitement stems from the fact that Fever-Tree not only sits at the heart of this fast-growing global movement to premium long mix drinks, but is the primary driver of growth of mixer categories across the world. Our first-mover advantage, our strong track record against the competition, our international footprint, tools, range, global brand recognition, and relationships are second to none and make us confident that we can continue to drive these trends forward. Slide six. As I highlighted in our results in March, sustainability remains a key area of focus for the brand, and the first six months of the year has seen some exciting developments across the business. Probably greatest significance is the work that is being carried out under our climate branch that will enable us very shortly to confirm that all Fever-Tree products sold in the U.K. are carbon neutral, the first mixer brand to be able to make this statement, and part of our wider commitment to become carbon neutral across all our regions by 2025. This commitment has been a real focus for the team over the past 12 months-18 months, working with third-party experts to carry out an in-depth life cycle analysis across our entire range of mixers, setting ourselves stretching but realistic reduction targets in line with climate science and taking steps in the near term to ensure we are offsetting our impact on the planet as much as possible through investing in nature-based projects. We are very proud of taking this step and look forward to communicating it more widely with our customers and consumers in the coming months. Elsewhere, we continue to make progress under our other branches, such as conservation, where we have planted London's first tiny forest, and circular economy, where this week we are one of the founding brands to take part in a reusable packaging initiative with Tesco. These examples are just a small part of the fantastic work our team are doing behind the scenes, which we look forward to sharing with the market in due course. I will now hand over to Andy, who will take you through a financial review of the year. Thank you, Tim. Good morning, everyone. Revenue of GBP 141.8 million, growth of 36% is a very strong result in the first half in which we've continued to make strategic progress whilst navigating ongoing COVID-related disruption and uncertainty. The result benefits from the inclusion of GBP 4.7 million of portfolio brand revenue and some phasing of sales into our European and rest of world importers. Even allowing for these factors, it remains a very strong performance, especially given the on-trade was closed or under restrictions for much of the first half across our regions. Tim and Charles will talk in more detail on that performance and the progress we've made across our regions. Turning the page, I'll first talk through the components of the movement in gross margin. On the left-hand side, we begin with the gross margin we achieved on the Fever-Tree brand in 2020, which was 46.9%. As the bridge clearly demonstrates, whilst FX and changes in sales mix have had a marginal impact, the main driver of the reduction in gross margin has been elevated logistics costs. As has been widely reported, this year has seen increasing levels of disruption to global logistics networks, whether it's sea freight, port congestion, or driver availability. Operationally, our focus has been on ensuring continuity of supply against that backdrop and ensuring we can service the strong global demand there is for the brand. Whilst we haven't been immune to disruption and increased costs due to HGV driver availability in the U.K., the main driver of costs in the first half was increased transatlantic shipping rates from the U.K. to the U.S., and increased storage costs as we increased U.S. inventory to mitigate the impact of uncertainty in the availability and lead times of transatlantic freight. The current environment remains extremely challenging, and we anticipate that disruption and elevated costs will continue to impact for the rest of this year and into 2022. Although local production in the U.S., with both East and West Coast bottling lines operational next year, will increasingly reduce our exposure to those elevated transatlantic freight costs, will also allow us to reduce inventory levels and associated storage charges. Turning to Slide 10 and moving down the P&L, we're continuing to invest in the brand with marketing spend at 9.9% of Fever-Tree brand revenue, with TV advertising campaigns in the U.K. and Spain, increased co-promotional activity across regions, and up-weighted on-trade spend as the half progressed. Staff and other costs represented 13.9% of group revenue. Whilst this year we've recruited less, we're consolidating and annualizing the 35 new hires we made in 2020, alongside the addition of the GDP team. The results of these continued investments in the brand and our people was a 34% increase in operating expenses, which alongside the movement in gross margin, meant our EBITDA margins reduced to 20.6%. Turning the page as we look to the balance sheet, working capital has increased in the first half of the year. This reflects our strong momentum and a very different set of circumstances compared to the 2020 half year, at which point we were still in the process of emerging from that initial period of global lockdown. This year, we have elevated receivables following a very strong month of sales in June, which included that sell-in to our European and rest of world importers. Alongside this, we also have elevated inventories as we've built stock in the U.S. to mitigate the impact of logistics disruption. Operating cash flow conversion reduced to 22% due to the increase in working capital during the first half of the year. Subsequently, we had a GBP 10 million net cash outflow, albeit clearly the cash position remains strong at GBP 133.2 million. Overall, it will remain elevated compared to the position at December 2020. Looking forward to 2022 and a more normalized year of trading, we'd expect to drive working capital improvements and a return to strong operating cash flow conversion. As a reflection of the continued competence in our financial position, the board are recommending an interim dividend of GBP 0.0552 per share. It's up 2% year-on-year. Turning to Slide 12, we are reiterating the guidance we gave in our July trading update. That increase in revenue guidance to a range of GBP 295 million-GBP 304 million reflects our strong first half performance. It also assumes a continued relaxation of on-trade restrictions globally through the second half and does not factor in any further rounds of restrictions and lockdowns. In the U.K., we expect an acceleration in the second half as the on-trade returns. We're pleased with our on-trade performance since reopening. We're trading at circa 75% of 2019 levels across July and August, and our guidance continues to reflect a gradual recovery of the on-trade as we proceed through the year. Meanwhile, we expect our off-trade performance to continue to moderate as the on-trade reopens and as we lap the Q4 lockdowns from last year. However, overall, we expect full year off-trade revenue to remain ahead of 2019 levels, reflecting the progress we've made over the course of the pandemic. In the U.S., our continued off-trade growth, as well as the strong return of the on-trade, gives us real confidence and continued momentum in the second half in that key growth market. Meanwhile, in Europe and rest of world, we expect the phasing benefits from the first half to unwind, while we'll also be lapping tough comparatives. However, we remain confident in the underlying momentum in both regions, which underpins the revenue growth ranges we're guiding to for the full year. With regards to margins and logistics disruption, clearly this remains a very live and in many ways unprecedented situation, with disruption and cost inflation currently showing no indication of leveling off. There remains the potential that these external factors, which are impacting the whole industry, could intensify as we progress through the year. We anticipated that logistics challenges would have a more marked impact in the second half, and we remain comfortable with our full year guidance of a circa 43% gross margin. We look forward to 2022, we anticipate that the cost environment will remain challenging. We expect that logistic costs will remain elevated, while we also anticipate product cost increases as we renegotiate our current pricing with production partners and key suppliers. We will though look to mitigate these impacts through price increases in certain markets. We also expect to benefit from a full year of the on-trade. Local production in the U.S. will increasingly reduce our exposure to those elevated transatlantic freight and U.S. storage costs. These mitigating factors should allow for some marginal improvement in gross margin next year, which will drop down to an EBITDA margin of circa 21% in 2022. Whilst we can't be certain of timings, we are confident that the current disruption to global logistics will recede, and with it, a recalibration of costs. We will, of course, be deploying all necessary levers to improve gross margin over the coming years. With local production, strong procurement, logistics optimizations, and price increases where appropriate. Our focus remains resolutely on investing for growth and driving the opportunity with the continued conviction that scale in key markets will provide the opportunity to fully optimize those margins in future. Thanks, Andy. Turning to our strategic update in Slide 14, starting with the H1 highlights. All our regions delivered strong sales growth in the first half of the year, demonstrating the strength of the brand in our more mature markets and how we continue to gain traction in our growth markets. The most notable strategic steps we have taken over the first six months of the year are the launch of our premium soda range in the U.K. on-trade, after their successful launch in the off-trade last year, the launch of both Sparkling Lime & Yuzu, and Distillers Cola in the U.S. to expand our drinking occasions and elevate popular serve, the execution of our first TV ad in Europe, which we released in Spain, and our entry into a brand new market with the first cases of Fever-Tree sent to the South Korean market. I'll go into more detail on each of these as I talk about each region. As you can see, we're making great strides across the world with important strategic progress in every market. Turning the page to the U.K. We delivered a good off-trade performance in the U.K., generating GBP 35.8 million revenue through this channel, which is flat year-on-year, and an encouraging performance considering last year included the benefits of stockpiling and elevated sales as we entered the first lockdown. The last 18 months has seen a considerable increase in at-home consumption of both spirits and mixers. The spirit category grew strongly at retail last year and has continued this strength into 2021, growing by 7.6% in the first six months of the year. The growth of the mixer market is being driven by both frequency of purchase and higher basket sizes, with Fever-Tree attracting more buyers to the brand, who are purchasing larger quantities more often ahead of the mixer category. We are extending our number one position at U.K. retail, ending the second quarter with a 38.5% value share, which is about 1% higher than our share at the same time last year. Our sales value has increased by almost 20% over the last two years, well ahead of all other premium mixers, have declined by around 12% over the same period. Just as pleasingly, the chart in the bottom right-hand corner of the slide highlights the strength of Fever-Tree's off-trade performance during the first half of 2021 versus 2020. With the mixer category, Schweppes and own label declining slightly as they lap the strong stockpiling months in 2020. Conversely, Fever-Tree has continued to grow and drive the premiumization of the total category. Over the page. As we all know, the on-trade remained closed for a substantial part of the period, gradually reopening from mid-April onwards, with some restrictions still in place until mid-July. Despite being subject to restrictions for longer than during H1 2020, Fever-Tree's on-trade revenues increased by 16% during the first half of the year, a positive performance as the channel starts to recover. As the on-trade has reopened, as expected, we saw initial signs of pent-up demand in the market, with around half of consumers returning immediately as restrictions were lifted, followed by a more gradual return to normality as the period progressed and since the period end. Encouragingly, Fever-Tree increased its value share over the last two years. While Schweppes and Britvic have slightly lost share as consumers become more discerning about the quality and type of mixer they are served in the on-trade. We have driven these results by strengthening our relationships across our accounts when the on-trade was closed and being incredibly proactive as the channel has reopened, targeting summer staycation hotspots and large sporting events such as Royal Ascot and Cricket Test matches. Over the page. For the final slide on the U.K.'s performance, I wanted you to take through the exciting new mixes we've been creating and the initial success we've gained as they've been launched. Firstly, our premium soda range, which we launched in the off-trade last year, followed by their on-trade launch during the first half of 2021. The aim of this launch has been to expand premium mixing beyond the gin and tonic, using versatile liquids to elevate and simplify the spritz serve. They're also all low-calorie options, which enables consumers to create lighter, longer mixed drinks. After the initial positive response in the off-trade, with new listings secured and very encouraging rate of sale performance across retailers, we launched the soda range in the on-trade this spring with the marketing campaign, Summer of the Spritz. Early signs in both channels have been very encouraging, with new, often younger consumers being attracted to the brand and substantial interest in spirit partners who are especially keen to target the large vodka category in the U.K. The second significant launch over the last 12 months has been our Sweet Rhubarb & Raspberry Tonic, which aims to capitalize on the growing trend towards both flavored gins and pink drinks, which have become prominent over the last few years, as well as providing a sweeter twist to elevate a standard gin and tonic serve. We supported the launch of this new tonic with a multi-channel marketing campaign, including co-promotions with spirit partners at retail, delivering very positive initial results as consumers responded well to the taste and messaging of the liquid. Like the soda range, our Rhubarb & Raspberry Tonic is attracting new, younger consumers to the brand and exciting the category, becoming one of our fastest-selling flavors at a number of large retailers. As I hope you've seen from these last few slides, we continue to be 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-trade and off-trade, supported by the wider market trends towards long mix drinks, and continue to focus on and invest in innovation, creating new products to excite and elevate popular serves, as well as attracting new consumers to the brand. The emphasis we place on our relationships with our customers and spirit partners, alongside the fantastic work our marketing team does across retail, online, and in the on-trade, puts us in an unrivaled position with the U.K. market going forward. 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 team here have continued to deliver a strong performance in the first half of 2021, following on from the great growth achieved during 2020. The brand continues to go from strength to strength in the U.S., delivering GBP 36.2 million of revenue in the first half of the year, an increase of 32% compared to the first half of 2020, and more importantly, + 42% on a U.S. dollar constant currency basis. We've seen continued growth in both premium spirits and premium mixers, giving us great confidence in the acceleration of premium long mix drinks and Fever-Tree's prospects, therefore, within this. As you can see from the chart on the left-hand side of this slide, the spirits market has grown by over 30% from 2015- 2020, and the premium segment by 11% in 2020 alone. Alongside this, premium mixers are growing 5x faster than the mainstream segment, with Fever-Tree leading and driving this significant growth. Fever-Tree remains the largest premium mixer brand in the U.S., and we've now established a strong number two position in the total tonic water market behind Schweppes, and number two behind Goslings in the total ginger beer market. In both cases, we are growing faster than the market leader, with the brand having established tonic or ginger beer leadership in a number of key cities, including San Francisco, Dallas, New York, Phoenix, and Washington, D.C. We were the number one value contributor to the total ginger beer and tonic water markets, demonstrating the growing strength of the brand and our important role in driving long mixed drinking trends. Our recent success can be attributed to a number of factors, with three important aspects of our growth highlighted on the right-hand side of the slide. Firstly, we have a significantly higher rate of sale on shelf than other mixer brands, incentivizing our customers to, therefore, give us more shelf space and expand our range. Secondly, we're increasing our household penetration ahead of our competitors, which means that Fever-Tree is appearing in more consumers' fridges than ever before. Thirdly, we continue to add new distribution, both in terms of number of accounts as well as, importantly, the depth within each account, including space on shelf and expanding into new flavors and new formats. Moving on to Slide 19. As you'll be aware, our U.S. strategy is designed to tackle a variety of drinking occasions through our four drink strategy. This slide illustrates how successful we've been in each one of these key categories over the last couple of years. In addition, we're now seeding Distillers Cola as a fifth drink, with focus in high-end on-trade and liquor stores targeted at rum and bourbon drinking occasions. We continue to grow in our strongholds, tonic water and ginger beer, where we've increased our sales value by 90% and 100% respectively over the last two years. Whilst the ginger ale market is largely mainstream, we've managed to grow our sales by almost 70% in the last two years. Most significantly, our low-calorie sparkling offerings, Pink Grapefruit & Lime Yuzu, have been specifically targeted at tequila and vodka occasions and now represent a significant third pillar for the business going forward. To support, enhance, and accelerate this, we've continued our strong investment in targeted digital media campaigns with millions more views of our brand story videos alongside our how-to series, which are driving consumers to stores to trial and purchase the brand. In addition, the strength of our relationships with our spirits partners means that we're now featured in TV advertising alongside Jim Beam with our ginger ale, Bombay with our tonics range, and Grey Goose for the spritz occasion, most notably recently during the US Open. Moving to Slide 20. The on-trade started to open state by state throughout the second quarter of the year with strong initial sales as consumers were excited to get back out and the vaccine rollout program advanced quickly, instilling consumer confidence. Consequently, in the 12 weeks to the end of June, on-trade sales were 26% higher than our pre-COVID levels. Encouragingly, consumers have been choosing spirits over wine and beer, with vodka and tequila gaining share ahead of other categories. This is particularly pleasing to see as our two new sparkling launches, Pink Grapefruit & Lime Yuzu, have been specifically created to mix with these two spirits. It's been the success of these new products. The growing strength of the Fever-Tree brand last year in the off-trade, as well as the refusal to furlough any of our on-trade team, despite the forced closures in this channel, which have contributed to our success in the first half of 2021. As you can see from the chart on the right-hand side, our sales started to surpass pre-COVID levels by April, accelerating towards the end of the period and continuing in July and August. We've also managed to secure new distribution in the on-trade, with notable new agreements with national gastrobar Bar Louie, Hilton Luxury Hotels, IHG, as well as multiple other restaurant, bar, and casino accounts across the country. Moving on, specifically looking at Sparkling Pink Grapefruit. Innovating and creating new exciting products is one of the cornerstones of the brand. I thought it was worth taking you through our journey to create the Sparkling Pink Grapefruit, which we launched in March 2020 during the worst of the pandemic. It's quickly become our most successful new product launch in the U.S., gaining significant attention from retailers and consumers, and now making a significant contribution to our sales growth. Sparkling Pink Grapefruit was crafted to pair with tequila for the perfect lower-calorie Paloma, leveraging the exceptional growth and premiumization of this spirit category. It was launched using a prominent social media and digital campaign alongside retail, displays, tequila brand partnerships, and more recently, featuring on bespoke menus we've created within the on-trade. Just over 1 year after we first launched it, we're already driving over 20% of grapefruit category growth through the elevation of mixing occasions in both tequila and vodka. This has been achieved through a combination of strong distribution gains in large grocery chains, as well as a high rate of sale once the product is on shelf, in some cases, matching our ginger beer velocity. The successful launch of a low-calorie, versatile mixer gives us more confidence in the brand as we continue to expand in the U.S. market, capitalizing on the local market trends and transforming the mixer category. As I trust you can see from the last few slides, not only are we delivering a strong performance across all mixer categories, but long-term trends continue to work in our favor, with spirits taking share from wine and beer, and increasing appreciation of authenticity, quality, premium drinks, as well as low-calorie drinking. Consequently, we still see a long runway ahead and remain incredibly excited about realizing the significant opportunity that this market holds. Thank you very much for your time. I'm going to hand back to Timothy Warrillow to talk about Europe and the rest of the world. Thanks, Charles. Turning to Slide 22 and Europe. We had an incredibly strong start to the year. Our revenue for the first half was GBP 41.3 million, an increase of 102% year-on-year, or 79% excluding the revenue contribution of GDP's portfolio brands. While this excellent performance is a testament to the progress we've made in both the off-trade and on-trade channels, it's also important to note that our underlying growth was closer to 30% once the impacts of importer stock builds and weak comparators are taken into account. This is clearly still a very strong performance, driven by our increasing brand strength and presence at retail across the region, as well as good initial trading in the on-trade as it started to reopen towards the end of the period. What's most pleasing over the last couple of years is the value share gain Fever-Tree's achieved within the European mixer category, as the chart on the right-hand side demonstrates. Fever-Tree's value share has grown to be around 15% of the mixed category at European retail. Whereas over the last two years, the brand has contributed to almost 30% of the category's growth, with most brands losing share. Over the page, Slide 23. This slide also highlights our strong growth across Europe in all of our key markets, increasing our confidence and optimism about the medium and long-term opportunity in this region. Importantly, the trend to long mix drinks is growing in Europe, with the retail mixer category growing by 10% in the last year. Fever-Tree far outpaced the category, growing 2.5 x faster, as well as increasing our value share by 2 percentage points to reach 15% value share of all mixers at European retail. Comfortably maintaining our position 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. In addition, as you can see from the chart at the bottom of the slide, we're growing our market share in all of our key markets, increasing our presence across the region with especially strong value share growth in Denmark, Switzerland, and France over the last year, demonstrating a significant amount of white space in our core next wave and earlier stage markets. Over the page. I wanted to use the final slide on Europe to highlight some of the great co-promotions we've executed to drive the success of multiple serves across different markets, as well as the success we've had after launching our Rhubarb & Raspberry Tonic in various markets during the first half of the year. In our core markets, where we have a strong market position in established tonic categories, we have the opportunity to drive growth beyond the Gin and Tonic with co-promotions such as vodka soda with Smirnoff and our premium Mexican Lime Soda. This not only expands our mixer range into new drinking occasions, but also meets consumers' demand for lighter drinking options and elevates the popular vodka spritz serve. In our next wave markets where significant white space still exists, our focus is both continuing to drive the growth in gin and tonic, as well as taking advantage of popular dark spirit serves, which pair well with our ginger beer and ginger ale mixers. As a result, our co-promotions in these markets have including executions with Bombay Sapphire alongside our light tonic in Germany, as well as the successful co-promotion with Jack Daniel's whiskey in Italy. I'm also excited to share that we have completed our first TV ad campaign in Europe, executing a spring campaign in Spain. The 30-second ad is based around our three-quarters message with a focus on our ingredients' provenance and high quality. It's supported by a strong digital PR campaign that's had some great initial results, growing our prompted awareness by 44% for our target audience. Finally, in our earlier stage markets, we're focused on establishing the optimal conditions for growth as long mixed drinks start to gain popularity. We've looked to do co-promotions with gin brands to establish and elevate the gin and tonic serve, such as the work we've done with Tanqueray in Sweden alongside our Sweet Rhubarb & Raspberry Tonic. It's not just Sweden where we've launched this new tonic. We've had great early success promoting this sweeter, innovative gin pairing across the region, with activations using pink vibrant displays at retail and initial sales exceeding our expectations. We've already managed to build significant distribution at retail across Europe and look forward to driving the growth of this mixer going forward, alongside other mixers which expand our occasions and maintain excitement in the category. Over the page. Our last region is rest of the world, where we've had another strong performance, increasing our revenue by 73% year-on-year to deliver total revenues of GBP 14 million for the region, 80% of which comes from Australia and Canada. While this number was slightly flattered by a degree of stock building ahead of our sales, our underlying sales are strong, growing at around 40%. In both Australia and Canada, which I'll go into more detail on in the following slide, we continue to drive premiumization in the mixed category and remain the premium category leader with a particularly strong presence in tonics. In Asia, we continue to focus on our key city strategy and event ed the South Korean market first time with tonic to pair with their local spirit, Soju. Slide 26. In Canada, the mixer market continues to grow and premiumize at pace. The premium segment grew by over 30% in the first half of the year, almost 5 x faster than the total market growth. Fever-Tree is driving growth across all four key mixer categories, which combined have delivered a retail sales growth of 150% for the brand over the last two years through a combination of expanding distribution, increased rate of sale on the shelf, the introduction of new formats, and multi-channel marketing to drive consumer engagement. Our tonic sales have been particularly strong over the last 12 months. We're now the number one tonic brand with 1/3 of the market share by value at retail, ahead of both Schweppes and Canada Dry. In Australia, long mixed drinks continue to gain popularity and premiumize, led by the gin and tonic. With the total mixer market growing by 4% in the first half of the year, the premium segment growing at 28% and premium tonics growing at 34%. Fever-Tree continues to be the clear premium mix category leader and is responsible for driving growth within this segment, especially within the tonic category, where we grew by 48% in the first half of the year, well ahead of the category. To build on the success of tonic and to cater consumer preferences for lighter drinks, we launched our Refreshingly Light Mediterranean Tonic in two new formats, both 500 ml bottles and multi-pack cans, with the aim of attracting new consumers and creating new occasions, both of which increases our brand presence in the market. While the on-trade had a positive start to the year in Australia with little to no restrictions throughout the period, enabling us to organize a large gin and tonic festival in Sydney with over 3,000 visitors, they have since gone into a period of strict lockdowns across the country, which refocuses our efforts in the off-trade for the second half of the year. Our priority in both of these existing markets remains to drive the momentum in premium mixer segments, drive incremental distribution across all channels, and increase our range and formats to appeal to a broader set of consumers. Coming to our last Slide 27. I'd like to finish with the same important message that I started with this morning. Fever-Tree's strong business model allowed us to act on the front foot throughout the pandemic, taking proactive steps to mitigate against short-term impacts, as well as continuing to take advantage of the long-term supportive trends which have been accelerating around the world. Whilst COVID impacts and global supply chain disruption continue, our diversified channel mix, our strong financial position, and operational flexibility ensures that we are in a strong position to navigate the current cost pressures and logistical disruption impacting the entire industry. Our long-term strategy remains unchanged and continues to be underpinned by a number of well-established long-term global trends. Namely, the strong growth in premium spirits, our consumers increasingly choosing spirits ahead of beer and wine, and consumers' increasing desire to drink less, long and mixed. I continue to be proud of our fantastic team and our ability and willingness to invest ahead in terms of people, route to market, portfolio, and marketing. We remain focused on the significant long-term opportunity for the business, which is increasingly being supported by our retail and spirit partners, and I have great confidence that we will emerge from this period of global disruption in a very strong position. Thank you for listening this morning, and we are now happy to answer your questions. If you would like to ask a question please press star followed by one on your telephone keypad. If you change your mind you can press star two. The first question comes from Edward Mundy of Jefferies. Edward, your line is open. Morning, everyone. A couple of questions from me, please. The first one, perhaps for Tim on the U.K. There's clearly been a lot of disruption these last 18 months, from a channel perspective, but your off-trade performance is still going well. Is there any structural reason why you can't get back to the high watermark of GBP 130 million worth of sales in the U.K., in particular, as you're broadening your offering with premium sodas? I guess as part of that question, assuming that the vaccine rollout program is effective and we don't get further lockdowns, could this take place in 2022? The second question is perhaps for Andy. You're guiding for marginal margin improvement in 2022. As we think over the next, I don't know, three to five years, what do you think is a reasonable medium-term margin expectation for the business as we exit the pandemic? The third one, perhaps for Charles. Perhaps you could give us a bit of a split as to what's driving the growth by category between tonic, ginger, and soda within the U.S., and what are you most excited about? Well, Edward, Timothy here, let me answer your first one. I'll keep it short because of the number of questions. In short, no, there is no reason that I can foresee that we couldn't reach that. Yes, we could very well reach that next year. Time will tell. You make the point is that obviously our tonic business continues to grow very strongly. Our market position grows. This gin and tonic category is still growing. What's exciting is these new products that sit alongside it and these new spirit and mixer opportunities that we're opening up and are also being pushed heavily by the spirit brands. For all those reasons, I think we can certainly get back to that and in time, we believe, notably exceed it. Edward Mundy, on your second point, I think as we look out beyond 2022, as I mentioned in the presentation, there's levers there to continue to drive margin improvement beyond FY 2022 in terms of significantly local production, particularly in the U.S., and scaling through that local production, optimizing logistics. Again, with U.S. production, we take away that significant transatlantic logistics step. I think when we then think about operational costs, we're continuing to invest to grow, and so we're not necessarily anticipating significant operational gearing over the coming years. What that amounts to is a gradual recovery in EBITDA margins. We've got 100 basis points expected for next year, and we continue to see that pattern of 100 basis points - 200 basis points per year over the coming years. I still think when we look to the longer term, we're comfortable with a sort of 50%/30% margin split at scale. In the near term, we're really focused on driving the significant growth opportunity ahead, and so we don't anticipate returning to that, let's say, within three years. Ed, asking me to choose between tonic, ginger beer, and the sodas is like asking somebody to choose their favorite child. I'm excited by all three. Tonic remains a very dynamic, very exciting category, I think particularly with the flavors. Ginger beer is really a staple and becoming a real powerhouse. The sodas really excite me because of their alignment against tequilas and vodka, particularly tequila at the moment, because that category is just on fire in the U.S. The bit that excites me the most is the lower calorie aspect of all of these. If we look across our portfolio, it's the lower calorie products that are growing faster, whether that's tonic, ginger beer, and then obviously, of course, within the soda. I think most of all, for me, it's the diversity of the portfolio that means that no matter which spirits partner we're talking to or whether we're talking to a bartender or a buyer, it's the diversity of the portfolio and the fact that we're able to tackle so many opportunities that excites me the most. Of course, with our latest creation, the Distillers Cola, that's an exciting new innovation, albeit very limited at this stage. Great. Thanks, guys. Our next question comes from Jemima Benstead of Citi. Jemima, your line is open. Thank you. Morning, all, and thanks for the presentation. My first question sort of picks up on one of Ed's around those input cost pressures into 2022. I appreciate there's still a lot of moving parts, but can you talk about the ways in which you can mitigate higher inflation in your business? I'm thinking about your pricing power, when and how often you have negotiations with retailers, and how you might act in the on-trade as well. It would be great to have a bit more detail there. My second question, I'm just wondering if you can quantify a little bit more around the U.S. local bottling benefits. If you can help us understand how this can actually benefit margins in the medium term? My final question, again, just on that U.K. market, it would be great to hear a little bit more about what you think is really driving your market share gains in the U.K. I'm wondering how important those innovations are to this, or if you're seeing broad-based growth across your brand set. Thank you. Sure. Charlie, yeah, I'll pick up on your first couple of questions there. Look, as we said, we are anticipating some input cost pressure on product costs. We're negotiating those currently. You'll understand, I won't be talking about the percentages we're anticipating, but we're in a very strong negotiation position with our bottlers, our glass providers, and our raw material suppliers as well. When it comes to mitigation, look, we're expecting a full year of the on-trade next year. Really linking to your second part of your question, U.S. local bottling will alleviate a considerable amount of what's been driving the margin dilution this year because we remove that trans-Atlantic freight charge, and we also allow ourselves to optimize our U.S. stock holdings. Those two have been significantly elevated this year. When we think about our full year guidance this year, we anticipate about 250 basis points of margin dilution coming through logistics, about two-thirds of that is coming from that U.S. line. With U.S. production up and running, we anticipate next year, once the East Coast is fully operational, aiming to bottle about 80% of our glass requirements locally, that will alleviate that margin dilution we've seen very quickly. The on-trade coming back and local U.S. production will allow us to mitigate against those input cost pressures. Finally, on price, we are looking closely at price across all of our regions. I think we'd caveat that in the U.S., having just repositioned our pricing architecture last year, that's something we're minded not to move. It's working incredibly well, as you can see from these results. When we look at the U.K., pre-COVID, we were in a pattern every year we're putting through increases in the on-trade, and that's something we'll be looking at very closely for next year. Also in the off-trade, we believe there's opportunity there as well. We're looking also at our European markets. We do believe across multiple markets, there's the opportunity to pass through some of those input cost pressures through price as well. Alongside, as I said, the local bottling in the U.S., that's what gives us confidence that we can, despite these ongoing pressures, still drive some improvement in gross margin next year. Tim here, just a sort of quick answer to your question about the U.K., and what's driving this growth. Look, it comes down to product quality, number one. This is what we see in all our research is how our consumers value the taste and quality of our product. That leads to this fantastic rate of sale growth that we're seeing in the U.K. That gives, obviously, our retailers great confidence when it comes to giving us new shelf space. The on-trade are very clear about the fact that having the Fever-Tree product range helps them drive their mixed drink sales. That gives us greater opportunity with them. The points that I've laid out is very exciting. We've got this fantastic position in the world of gin and tonic, where all these spirit partners are wanting to push and promote our brand alongside theirs. So are the spirit partners now in these other spirit categories that we're developing these products for. The vodka category is big in the U.K., and the vodka category has looked on in great envy at the way that gin has been able to premiumize. They are keen to work with us to help develop that. We're seeing growth with our gingers, which is reflective of the growth that's happening in the dark spirit categories as well in the U.K., and we see real opportunity and future opportunity there. This, of course, is really all underpinned by the fact that spirits versus beer and wine is growing and growing. It is a category that young consumers are coming into. It's more exciting. It's cooler. It's more in vogue. There's all of this growth and energy around the spirits category, and we're very well positioned to make the most of it. It's exciting times ahead. It's making me thirsty just talking about it. Shame it's at this time of morning. Great. Thank you. Our next question comes from Mitch Collett of Deutsche Bank. Mitch, please go ahead. Thank you. Morning, Tim. Morning, Andy. I've got three questions, please. First of all, on the U.K. on-trade, I think you made the comment that there was a bit of pent-up demand to begin with, and then it got a bit softer. I wondered if you had any perspectives on maybe why it's softening a touch. You also said within the U.K. on-trade commentary, that it's up versus 2020 despite a greater level of shutdown. I wondered if you had any views on why it was up when there was more shutdown. I guess the months of the shutdown probably played a part, but I'd be interested in your perspectives there. You also said that specific locations and demographics are doing well. Which locations and which demographics are you seeing better demand from? Two further non-U.K. related questions. One is just, can you give us a timing on when East Coast production is likely to go live in the U.S.? On Distillers Cola, which you launched in June, can you give us some color on how you think that's going to compete with obviously the very established brands of cola products? Thank you. Of course. Let me take your U.K. on-trade ones first. A sort of quick answer to one of your questions. No, you're right about the 2020 versus 2021, as in, it was the months of lockdown that were relevant as to why 2021 has performed better. The point about the pent-up demand, absolutely. Look, of course, we were all fueled with excitement when Freedom Day came, and we were finally allowed to go out to the pub. That was where we saw some of this pent-up demand. What we've seen since is, in truth, what we forecasted and predicted, and actually is absolutely in line with CGA, who produce the on-trade data. They're showing that it is sort of gradually picking up. We saw actually in August some very strong sales for us in the on-trade, which is reflective of the way it is picking up. Obviously, what's behind that is there's a bit of hesitancy, particularly amongst an older age group, to return in the same numbers with the same frequency as they did before, but that's developing. Actually, it's really partly because the city centers have been very quiet. That's because obviously tourism is down, and at the same time, people haven't been in their offices to the same degree. If my cycle in this morning was anything to go by, I went alongside an enormous traffic jam of people coming in. I think people are returning to the office now in greater numbers than ever. I'm also pretty optimistic that this will start to improve notably. Then finally, I think you asked about some hotspots, and that was really the sort of staycation holiday areas, the South Coast being the most notable. I have to say, I think as a business, we did a fantastic job. Our team clearly predicted this. So we did all these takeovers of holiday hotspot areas, Cornwall, the South Coast, Brighton. It was awash with Fever-Tree umbrellas and Fever-Tree gin and tonic and spritz menus. So we really benefited from that. In terms of timing of U.S. bottling, the East Coast line is scheduled to be commissioned in Q4 this year. We'd be allowing ourselves probably some time to ramp up in Q1 next year. We should be fully operational from Q2 onwards. Obviously, we'll be aiming to do it sooner, but we're still having to do a lot of this remotely from the U.K. It just takes a little longer, as we learned with the West Coast. As I say, we'd be very confident from Q2 onwards having both East and West Coast production fully underpinning our U.S. requirements. Finally, you asked a question about Distillers Cola. We’ve launched this specifically to target bourbon and rum occasions in particular. As a result, we’re going after the on-trade business. We’re going after the liquor store business. We’re going after high-end accounts and high-end environments. Because really what we want to do is to seed this. We’re not after the big, the broad, the largest slug of the cola market, which we know is consumed as a soft drink. What we’re after here is the high-end mixing occasion, where consumers are drinking fantastic spirits, whether aged bourbons and aged rums, and where we believe we’ve got a real right to win because of the fantastic locally sourced ingredients, including sort of Caribbean kola nuts within the 11 ingredients that sit within our Distillers Cola. That gives us, if you like, a story to tell that is really balanced exactly alongside those premium bourbons and premium rums. At this stage, we're seeding it. We're putting it into a limited number of cities, into a limited number of accounts, and gaining the learnings, then rolling out very slowly over time. That's all very clear. Thank you. Our next question comes from Nicola Mallard of Investec. Nicola, your line is open. Thank you. A couple of questions from me. Just on the margin guidance, Andy, just to sort of put a few numbers on the sort of headlines that you've provided. You've talked about hopefully channel mix, assuming obviously, hopefully that COVID is not a present factor in 2022. Can we assume that the channel mix, that 200 basis points that we saw sort of disappear in 2020, that all comes back? Also putting some math around your logistics as well. If you've got two-thirds of the 250, let's say 200 basis points is the U.S. logistics cost and that's absent for the second half. We've got 300 basis points coming back in growth. Obviously we need to make an assumption around raw materials. Those are sort of the bigger number movements, is the first question. Second question is, there was something mentioned for Tesco in the U.K., reusable bottle, not a recyclable bottle. I just wondered if you could share more about that. How do we reuse it? Thank you. Sure. Yeah, Nicola, on your first point, we're not quite giving a specific margin bridge for FY22 at this point. As we mentioned, we are expecting some drags in terms of input cost increases and reflecting the fact that underlying those logistic costs are going to stay elevated. Yeah, look, in terms of U.K. channel mix, we expect to get some more of that back clearly in the second half of this year. Actually, when we look to next year, we're anticipating, frankly, more like about 50 basis points of improvement from U.K. channel mix coming through next year. Then in terms of the 2/3 of the 250 this year, we won't get all of it back just because of the phasing of that East Coast production. Like I say, it's going to be kind of ramping up in Q1. We are intending to retain 20% of our overall bottling requirements in the U.K. as a contingency. We'd hope to get the lion's share of that 2/3s back next year, if that helps with the bridge. Perfect. Thank you. Nicola, with regards to our Loop and Tesco partnership, actually, Ollie's here and he's the expert because he's been leading this. Hi, Nicola. On that, you're right. I would caveat, it's a small-scale trial that Tesco are putting in across about 10 or 11 stores from this week. It's about a returnable scheme. We've got our Indian tonic and our med tonic in the trial, and it's about the consumer purchases it and adds on a GBP 0.20 deposit, which then they get returned to them as they return the bottle to store or through the Loop system. That gets taken away, cleaned, and refilled, and put back on the shelf. It's not about recyclability. Obviously, with our glass bottles, they are infinitely recyclable, this is a sort of returnable and reusable scheme that is a small-scale trial that Tesco and Loop are putting together. Brilliant. Thank you very much. Our final question comes from Damian McNeela of Numis. Damian, please go ahead. Hi. Morning, everybody. Just a couple of quick ones from me. I don't know, Andy, whether you can give us any sort of indication of what next year's raw material input cost inflation looks like, please. Just also, can you help quantify it? From reading the statement, sort of the number of co-promotions seems to have gone up. Can you confirm that? Is there any way of sort of quantifying that and how we should think about that going forwards, please? Sure. Damian, on input costs, we have parameters we're working to. We're currently in those negotiations. Look, it really does depend whether we're talking about bottling, glass, canning, ingredients, cardboard packaging. Some of those lines are subject to ahead of inflationary increases. Others we'd be looking to keep within inflationary increases because it also depends on the status of our contract with those suppliers. At this point, we're not giving the percentage overall we're expecting to absorb because clearly it's just commercially sensitive. We clearly will be able to give that later in the year, if not ahead of giving full FY22 guidance. Damian McNeely, a quick one on the co-promotions. No, you're quite right. I'm glad that's come through, is the fact that the number of co-promotions have increased and also the depth of the co-promotions. When I say depth, I mean, as Charles Gibb mentioned, in the U.S. we find ourselves on some above the line marketing with three different spirit brands. Here in the U.K., we've been doing some fantastic and in-depth work with Smirnoff and quite a number of other brands. What we are seeing, the spirit partners are seeing, retailers are seeing is how effective this is when you get two brands investing together to push and promote the same message. The shelf space that then generates and the rate of sale return that generates is very encouraging. That's why we've been doing more of it, and you can anticipate that more of this will come in years ahead. Okay. That's brilliant. Thank you very much. We have one last question from Doriana Russo of HSBC. Doriana, please go ahead. Yes, thank you very much for taking my question. I was more interested in the medium-term outlook that management sees for the brand, whether in the U.K. and what would be the main drivers to demand post normalization. Let's talk about FY 2023 onwards. Also where do they see the most opportunity outside of the U.K., whether it is still in the U.S. or there might be opportunity for you to open up a much bigger share of the soft drinks market in the European market, which seem to be accelerating some of them. My second question would be mostly on the cost. I was wondering if in the transition between U.K. production and U.S. production, there's any one-off cost that we might take into account. Whether it is all due to the inflated freight and warehousing costs that you're having. Just wondering if there was any one-off sort of contributor that we should be aware of? Andy, did you get the first part of that? Doriana, your first question is, in the medium term, FY 2023 onwards, where we believe the drivers of revenue growth will come from regionally? Yeah, I was just wondering whether the sort of ongoing top-line growth that you expect in the different region might be different from what we have seen pre-pandemic? Well, look, I know Ed's initial question was about whether we can hope to see good growth in the U.K. going forward, to which my answer is absolutely, I gave the reasons as to why. Certainly, we think there's growth to come in the U.K., absolutely. Look at the way this business is growing in the U.S. Charles and his team are doing a fantastic job. When you look at it a two-year stack in the U.S., we're triple-digit growth, which is fantastic. Is a reflection of the way the brand and the category is growing in that market, we see lots of potential ahead. As we do in Europe, as I hope you picked up from our presentation. We've seen triple-digit growth for the first half of this year. We're seeing growth across the board. We see lots of opportunity there. As far afield, Australia, Canada, we talked about seeding some new markets in Asia as well. Look, the short answer is that we see growth, really, across all of our regions. That is clearly what's very exciting for this opportunity that lies ahead. Doriana, in terms of your- Sorry to interrupt because maybe I was a little bit vague in my question. I was just wondering whether whatever revenue expectations that you've got, you've given for FY 2021 could be extrapolated to FY 2022. Sure enough, some markets will sort of settle to more normalized rates and some others will accelerate. I was just looking to get a sense of where do you see sort of medium term growth expectation lending by region, if that's something that you're prepared to share. Doriana, at this point, we're not giving regional growth guidance FY 2022 onwards at this point in time. I think, as Tim said, I think the growth opportunity remains broad and across regions. We're not giving specific regional growth guidance on, for instance, U.S., Europe, et cetera, over the coming years. In terms of your question on P&L, we're not anticipating any one-off P&L hits as we transition from U.K. to U.S. bottling. The way that it'll impact the P&L, I suppose, is just around the timing and the phasing of getting that line commissioned and bringing the East Coast up to speed and then obviously bringing down our U.S. inventory levels. Fundamentally, as I was saying, what it does do is reduce our exposure to what at the moment are highly elevated transatlantic freight costs, and because of the disruption, the requirement on our side to hold high inventory levels in the U.S. That is where we will see some immediate benefit as that phases in through next year. In the longer term, we'd be looking to scale through that local U.S. bottler and drive further improvements in margin over longer term. Okay, thanks. This concludes today's Q&A. I will hand the call back to Tim to conclude. Simply to say thank you very much for everyone for listening. I hope we've done a reasonable job in informing you of the great progress we've made, and answered your questions. Thanks again. This concludes today's conference call. Thank you for joining. You may now disconnect your lines.