FRANCE: Remy first half hit by SARS and war
However, the company was confident of a recovery as although sales on an underlying basis declined 0.2% in the first-half, they rebounded with a rise of 5.0% in the second quarter.
And on a like for like basis Rémy Cointreau's consolidated turnover for the first six months was stable.
Cognac sales in the second quarter increased by 9.4% at constant exchange rates, which was based on sustained activity in the US, following successful price increases, and on the growth of Rémy Martin in China.
Spirits had 18.2% growth in sales on a like-for-like, mainly due to vodka in Poland where, through the Bols brand.
Champagne saw organic growth of 6.1%.
"In the first six months the weak value of the dollar, exceptional events (SARS and Iraq war), and the economic conditions adversely affected trading, particularly the contribution from Cognac and Liqueurs. However, during the period under review, Rémy Cointreau continued to restructure, reduce its debt and increase its targeted marketing expenditure - all of which should strengthen its base for sound organic growth in the future," the company said.
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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