Fevertree Drinks cut its annual revenue growth forecast on Thursday as unexpected wet weather at the start of its key summer season hurt sales.
Shares for the British beverage maker were down 8.6% following the forecast change.
Unusually cold and wet weather in the UK weighed on spirits and fewer people went out at the start of summer, hurting sales demand for everything from clothes to cocktails.
Weak sales in restaurants and pubs have also contributed to the lacklustre first-half performance, Fevertree said.
Shares of the London-listed company fell to a more that eight-year low of 788 pence. They have lost about 14% of their value since the start of this year.
Fevertree, which makes premium tonic waters and cocktail mixers, now expects revenue growth of about 4% to 5% for the full year.
This is well below the 10% initially projected in March.
Analysts, on average, were expecting revenue growth of about 7% according to a company-compiled consensus.
The company’s peer A.G. Barr in July forecast its half-year revenue to be higher than prior-year levels, supported by strong demand for its cocktail mixes and soft drinks.
Fevertree posted half-year revenue of £179 million, down from the £175.6 million logged last year.
RBC Capital analysts had set expectations at £179 million but notes that the company’s performance is consistent with its peers.
