FRANCE: Remy Cointreau boosted by Bols
Operating profit was 13.5% up at €209.1m, well ahead of market forecasts which were in the region of €201m. Net attributable profit came in more or less in line with analysts' forecasts at €95.3m, up 5.4% from last year. Sales at the group rose by 10% to €1.019 billion.
Concerned about the impact of September 11, Remy Cointreau had forecast that net profit before exceptional items and goodwill would rise by between 5% and 10%, revised from its previous estimate of 20% growth made last June, so the results were ahead of the company's own estimates.
This was the first full-year contribution from the Dutch drinks group, Bols, which Remy acquired in December 2000. The company said Bols accounted for 8% of full-year group profits. The other key positive influence was a surge in Champagne volumes which the company said had risen by 60% since January.
Remy said it had reduced its debt by €38m to €832.3m and was planning to maintain its dividend at €0.90.
With regard to the 2002/2003 fiscal year, the group made no firm forecasts but said that its existing strategy gave it leverage for strong profitable growth looking ahead. However, after the results announcement, Remy's CEO, Dominique Heriard Dubreuil, said the company was targeting 50% net profit growth over the next three years.
As Pernod Ricard, Allied Domecq and Fortune Brands close in on the biggest drinks industry deal since the sale of Seagram, opinion about how the deal will be structured and who stands to win and lose ...
Remy Cointreau is looking to restructure its Champagne business, according to local reports....
Remy Cointreau has had its investor rating raised....
Remy Cointreau has posted a drop in full year net profit in spite of increasing revenues....
Remy Cointreau has signed a five-year credit facility for around €500m....
Remy Cointreau has gone to holders of one of its bonds to gain permission to complete the sale of its stake in Bols....
Remy Cointreau has posted a slight rise in revenue growth for fiscal year 2005....
The Polish unit of Remy Cointreau has pulled out of the race for a majority stake in Polmos Bialystok....
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