BELGIUM: Duvel Moortgat brews up "nice" H1
- Half-year net profits rise by 11% to EUR10.4m (US$14.8m)
- Net sales jump by 31% to EUR79.4m
- Operating profits (EBIT) up by 33% to EUR17.6m
- Brewer reports higher demand in all key markets
Duvel Moortgat has reported strong increases in net sales and profits for the first half of 2011, boosted by the acquisition of De Koninck Brewery and consumer thirst for small-scale beer brands.
Duvel Moortgat said today (1 September) that net sales rose by 31% to EUR79.4m (US$113.5m) for the six months to the end of June. The De Koninck business, acquired last year, accounted for around half of the increase.
Belgium-based Duvel also translated strong sales into profits, with EBIT up by 33% on the same period of 2010, to EUR17.6m. Net profits growth was curtailed by currency translations, particularly with the US$, but still rose by 11% for the half-year, to EUR10.4m.
The figures come in stark contrast to the disappointing results served up by fellow European brewers Carlsberg and Heineken in the last month. Both of those heavyweights blamed bad weather in Western Europe for at least part of their misfortune.
A more positive performance from Duvel, however, underlines that consumers in several western markets are still keen to buy small-scale, premium beer brands. The Netherlands, France, UK and US all contributed to what the Chouffe brewer described as a "nice" set of results.
In its outlook, the firm said: "[Duvel] is confident, despite the poorer sales results in the summer due to the bad weather and the rising prices of raw materials, to reach further growth in turnover and operational results over the entire financial year."
For the company announcement, click here.
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