Michel Laroche has posted a dip in full year turnover. The wine maker and distributor said late last week that, for its fiscal 2004-2005 to 31 March, it saw turnover fall by 18.5% year-on-year, hitting €26.4m (US$33.2m).

The company blamed the decline on a full restructuring of its activities, with the group divesting its non-strategic and lower-profit products, which account for 40% of its range.

The family-owned group pointed also to a change in its US distributor in the fiscal year, which resulted in a temporary absence of sales for the period. The recommencement of operations in the US should be effective as of June next year, the company said.

A total of 85% of the group's production was exported to around 77 countries.