BELGIUM: Duvel Moortgat sees H1 sales beat the weather
Duvel Moortgat has posted a healthy lift in its results for the first half of this year, despite cost pressures.
The Belgian brewer said late last week that operating profit for the six months to the end of June rose by 17.8% on the corresponding period a year earlier, reaching EUR8.6m (US$11.85m). Sales followed suit, increasing by 20.6% to EUR42.6m.
Net profit also experienced a lift, of 17.6%, hitting EUR5.7m.
The company saw its EBIT margin slip slightly, however, to 20.1% from 20.6%, as higher personnel and energy costs, and a "strong rise" in raw material prices made their presence felt.
Contributing to the increase was Brasserie d'Achouffe, a rival brewer Duvel acquired in September last year. Excluding Brasserie d'Achouffe, organic growth reached 12.6%, the company said.
Exports from the brewer were up in the six-month period by 40% from 38%, with the US providing a 41% leap in turnover. "The US shows an ever growing interest in both Belgian beers and the American beers of the Ommegang Brewery," Duvel noted.
Despite the poor weather across Europe this summer, Duvel maintained its predicted profit and EBITDA growth for the full year.
Sectors: Beer & cider
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