These measures may, of course, fail to fully offset rampant inflation over the coming months. However, the company has a solid balance sheet, which includes net cash of £166m, through which to survive short-term challenges. 

Its sound finances enabled it in the 2021 financial year to recommend a special dividend that equates to 2.3pc of its current share price.

Moreover, it is likely to benefit from the end of Covid restrictions over the coming months. Its UK on-trade sales grew by 59pc in 2021 as rules were relaxed but still amounted to just 62pc of their pre-pandemic level. Their likely growth should boost the company’s performance.

In the long run, Fever-Tree is well placed to capitalise on the “premiumisation” trend in the beverages market: consumers spending more on better-quality products.

Its range of tonics and mixers also positions it for growth as the long mixed drinks category cocktails become increasingly popular. 

The investment being made by retailers and spirits companies in advertising in this area may further drive its growth in the coming years.

Trading on a price-to-earnings ratio of 48, the company’s shares are now far cheaper than they were at the time of our original tip in March 2021, when the p/e ratio stood at 68. 

Clearly, they continue to be priced for growth that may fail to materialise in the short run as rising sales are at least partially offset by margin pressure.

However, Fever-Tree’s capacity to adapt to evolving industry challenges, its solid financial standing and strong market position mark it out as a high-quality business. 

In the long run, improving financial performance should translate into a rising share price.

Questor says: buy

Ticker: FEVR

Share price at close: £18.43

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