• H1 net profits up 5.7% to EUR66.3m (US$70.35m)
  • Net sales in six months to end of September lift 6.1% to EUR500.7m
  • Operating profits rise 4.7% to EUR107m
  • Remy Martin operating profits lift 10.1% to EUR85.9m 

Remy Cointreau has posted a lift in sales and profits for the first half of its financial year despite continued challenges in China.

The company said reported sales were up 6.1% in the six months to the end of September. However, in organic terms, sales dropped 5.9%. The company said the drop was largely down to shipments affected by the implementation of the group's strategic plan, announced earlier this year. Operating profits rose by 4.7% to EUR107m.

In a trading update, released last month, Remy reported a strong second quarter which helped to steady H1 sales.  

Today, the company said its Remy Martin Cognac brand, which accounted for 27.4% of group sales in the first half, saw operating profits lift by 10.1% but drop by 5.8% in organic terms. The company said the Asia Pacific region dragged down performance as Chinese wholesalers remained cautious. 

Remy has been hit hard by anti-extravagance measures in China and because of an over-exposure to Asia. Its strategic plan outlines measures to focus more on the US and move brands up the value chain to where growth in the Cognac category is stronger.

Looking forward, the company confirmed its objective to deliver positive growth in current operating profit for the 2015/16 financial year. 

To read Remy Cointreau's official statement, click here