FRANCE: Vranken-Pommery Monopole cuts H1 losses
- Lower debt curbs losses
- Champagne rebound to continue in H2
- Group seeks to expand in overseas markets
Vranken-Pommery Monopole upbeat on Champagne rebound
A rebound in Champagne sales and lower net debt helped Vranken-Pommery Monopole to reduce net losses in the first half of 2010.
The second largest Champagne house said this week that net losses were EUR0.9m (US$1.15m) for the six months to the end of June, compared to losses of EUR3.2m in the first half of 2009. As previously announced, Champagne sales rose by 10% for the half-year, although total group sales rose by 45% to EUR120m due to the acquisition of Domaines Listel.
Vranken-Pommery Monopole said that it was confident that the Champagne sector's resurgence in 2010 will continue.
After "temporarily" downtrading to discount Champagne brands, consumers in key markets have again begun buying premium bottles, said group president Paul-Francois Vranken.
The firm said that it expects to reap the benefits of a better price/mix in the second half of the year, having invested in preparation for this over the last six months. It said that it is seeking new distribution deals to improve its international presence.
Operating profits for the half-year rose by 11% to EUR7.3m. The firm added that its integration of Listel was on-track.
For the full announcement, in French, click here.
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