Belvedere issued its H1 sales results earlier today

Belvedere issued its H1 sales results earlier today

Belvedere has announced first-half sales of EUR429.4m (US$530), up 1.6% on the same period last year.

Growth was driven largely by the buoyant performance of the French company's business in Poland, which recorded a 3% rise in sales in the six months to the end of June.

For the second quarter, group sales inched up by 0.7%, compared to 2.8% in the first quarter.

"In the first half, the Belvédère made strong progress, helped by the group’s international sales," said chairman & MD Krzysztof Trylinski.

"Krupnik vodka shot ahead on the Polish market in gaining five share points compared to the first half of 2011. Despite the economic difficulties in some markets, we are confident in the group’s ability to maintain growth."

Last week, Belvedere announced that it was in discussions with a majority of its creditors on reaching a definitive agreement on the restructuring of its debts which are estimated at EUR400m.