ITALY: Gruppo Campari boasts of "very positive" 2010
- Full-year net sales in 2010 rise by 15.3% to EUR1.16bn (US$1.64bn)
- Net profits also improve, up by 14% to EUR156.2m
- Operating profits increase by 14.4% to EUR269.5m
- Campari snaps up majority stake in Russian importer, distributor Vasco
2010 was a "very positive" year for Gruppo Campari
Gruppo Campari has credited "the strength of our core brands" for a healthy set of full-year figures.
The Italy-based spirits, wine and soft drinks firm said earlier today (21 March) that net profits for the 12 months of 2010 came in 14% up on 2009 at EUR156.2m (US$221.4m). Net sales also rose in the double digits, by 15.3% to EUR1.16bn, and by 8.4% in organic terms. Operating profits in the year were up by 14.4% to EUR269.5m.
Campari's CEO, Bob Kunze-Concewitz, said that the strong figures were driven by "the strength of our core brands and our ability to leverage our extended route-to-market in both mature and developing economies.
"We have continued to invest in brand building, strengthening our brand portfolio via acquisitions and our route-to-market via new distribution platforms," he added.
The company also took the results announcement as an opportunity to detail the purchase earlier this month of an 80% stake in Vasco CIS, a spirits and wine importer and distributor based in Moscow. The acquisition, for EUR6.4m, gives Campari a put/call option on the remaining 20%, to be exercised at some point in 2012 for EUR1.8m.
Looking to 2011, Campari said that it is "cautiously, though reasonably, optimistic about the full-year prospects".
Shareholders can expect a EUR0.06 dividend per share for 2010, the same as for 2009. Payment will be made on 26 May.
To read Campari's official release, click here.
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