PORTUGAL: Corticeira Amorim toasts bumper 2011
- Full-year net profits leap by 23% to EUR25.3m (US$33.3m)
- Sales for 2011 rise by 8% to EUR494.8m
- EBITDA also climbs, by 9.7% to EUR72.4m
Corticeira Amorim has reported its best set of full-year results
Corticeira Amorim has posted its best set of full-year results, as both sales and profits headed north in 2011.
The Portuguese company, which is the world's largest wine closure producer, said last week that last year's net profits jumped by 23% on 2010, coming in at EUR25.3m (US$33.3m). Net sales followed suit, rising by 8% to EUR494.8m, with EBITDA increasing by 9.7% to EUR72.4m.
Amorim said that it saw growth in both volumes and value across all types of corks that it produces in 2011. Indeed, Amorim credited its cork stoppers business unit as being "the principal contributory factor" to its full-year performance.
"It all points to the fact that natural cork stoppers shall have gained market share in 2011, as also happened in 2010," the company claimed.
For the final quarter of last year, net profits soared by 37% to EUR3.8m, with sales picking up by 4.8% year-on-year, totalling EUR114.7m.
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