FRANCE: Cognac demand boosts Rémy Cointreau's FY profits
- FY net profits rise by 17.7% to EUR130.4m (US$173m)
- Net sales up by 16.3% to EUR1.19bn
- Operating profits rise by 18.1%, hitting EUR245.4m
- Rémy Martin Cognac sales up by 21.5%
Rémy Cointreau posted a strong showing in the US
Rémy Cointreau has seen a healthy jump in full-year profits as Cognac sales showed no sign of slowing and the group performed strongly in the US.
Net profits rose by 17.7% to EUR130.4m (US$173m) in the 12 months to the end of March, the Paris-headquartered firm said today (11 June). Net sales jumped by 16.3% to EUR1.19bn over the same period, while operating profits climbed by 18.1%, hitting EUR245.4m.
The group, which owns the Remy Martin Cognac and Mount Gay rum brands, said the performance reflected the sales momentum its brands “in all regions of the world with double-digit growth in Asia and the US”.
“Europe, despite a mixed economic environment, also contributed to this performance,” it added.
Remy Martin returned another solid year of growth, with sales up by 21.5% and operating profits up by 25.2%. In FY results last year, the brand, which contributes the bulk of Remy's sales, posted a 23.1% rise in operating profits.
Looking ahead, the group said it remains confident it will continue to generate profitable growth over the medium to long term.
Shares in Remy Cointreau dipped slightly after the markets opened today.
Rémy Cointreau yesterday agreed to sell Larsen Cognac to Finland's Altia Corporation just six months after buying the Cognac house.
To read the company's official statement, click here.
Rémy Cointreau punches above its weight in spirits, having established itself as a major global player in cognac despite its relatively small size compared to Pernod Ricard and LVMH. China has been it...
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