FRANCE: Vranken-Pommery Monopole improves in H1
- Half-year net losses of EUR0.1m (US$0.14m), versus EUR0.9m a year ago
- Net sales rise by 5% to EUR126.7m
- Operating profits increase by 19% to EUR8.8m
- Champagne group hails progress as international markets drive sales
Vranken-Pommery Monopole upbeat on H1 performance
Vranken-Pommery Monopole has reported that it almost broke even in the first half of 2011, as international markets continue to drive Champagne sales.
Vranken-Pommery Monopole is in the process of creating a subsidiary business in China in order to position itself for an expected rise in demand for fine wine and Champagne there. In Japan, meanwhile, the group has bolstered its sales team to focus on high-end fizz.
The moves, announced today (1 September), fit with Vranken-Pommery Monopole's assertion that sales growth is being driven by international markets. Group net sales rose by 5% for the six months to the end of June, to EUR126.7m (US$180.9m).
It said that its Champagne sales have continued to rise on all continents, despite economic problems in Europe and the US causing fears of a fresh financial crisis.
The group's profitability is improving. Operating profits rose by 19% on the first half of 2010, to EUR8.8m.
Net losses, meanwhile, shrank to just EUR0.1m for the six months, down from EUR0.9m a year earlier. The firm added that, because of the way investments in Champagne are weighted throughout the year, its first-half profits performance is not indicative of the full-year.
Click here for the company announcement.
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