Shares in Belvédère have risen strongly after the French drinks firm said that it expected to return to the black in 2011, despite seeing net losses more than double in the first half of 2010.

Belvédère’s share price rose by around 6% today (1 November) following the firm’s forecast of a swing from operating losses to profits in 2011. The firm was also buoyed by news that it has agreed to sell its Florida Distillers business for US$48m, ensuring that it will meet the first installment of its ten-year debt repayment plan.

However, the Sobieski vodka maker remains under pressure. Sales fell by 4% in the six months to the end of June, to EUR264.8m (US$370m), despite a 55% rise in sales in the US, it said at the weekend. Operating losses came in slightly lower than in the first half of last year, at EUR10.4m compared to EUR11m.

Net losses, meanwhile, sank to EUR49.1m from EUR21.9m in the same period of 2009. Charges related to its bankruptcy protection deal with French courts were to blame for the deeper losses, said the group.

Belvédère’s shares fell by 18% in September after a French court told the company to pay back EUR375m of net debt more quickly than previously anticipated. The firm said that it was confident of meeting its first scheduled payment of EUR38.9m on 10 November.

The firm estimates that, by 10 November 2019, it will have paid out EUR747.8m in order to service debt. It is committed to selling assets in order to help finance repayments.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Subscribe to Just Drinks for just £1 for 1 month

Stay ahead with unbiased news, expert commentary, and in-depth features on global topics.

As a trusted provider of data and insights, Just Drinks collaborates closely with industry leaders and professionals to offer unique thought leadership and analysis. Gain a deeper understanding of the apparel industry’s trajectory and the priorities shaping the profession.

What’s included in your subscription:
  • Personalized Access: Secure login to Just Drinks
  • Industry News & Expert Commentary: Timely updates and exclusive C-level interviews.
  • Case Studies & Deep Dives: Real-world applications and in-depth analyses.
  • Exclusive Subscriber Newsletter: Weekly top features, plus a new thematic report and webinar.

Ready to stay informed?

Subscribe to unlock exclusive content.

Already a subscriber? Sign in to access your account.

Just Drinks Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Drinks Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now