Shares in fizzy drink maker Fevertree fell more than 20% after it said Christmas trading was “subdued.”
The company now estimates that 2019 sales rose 10% to £260.5m, lower than expected due to a weaker festive season.
Mixers like its tonic water and ginger beer have “not been immune from the consumer belt tightening,” it said.
Fevertree added that the “expected improvement in trading during this important period did not materialise”.
Its share price dropped by 435.5p to £15.59 – the lowest since April 2017.
While its UK sales shrank 1% to £132.6m, sales in the US grew 33% and Europe provided 16% growth.
The firm was started by Plymouth Gin boss Charles Rolls and advertising executive Tim Warrillow.
The pair decided to become business partners after meeting for the first time in 2003 and launched the company in 2005.
The company is named after the colloquial term for the cinchona tree, from whose bark the natural anti-malarial drug and core tonic water ingredient, quinine, is produced.