ITALY: Gruppo Campari targets Russia as year-so-far figures shine
- Nine-month pre-tax profits increase by 11.5% to EUR174.3m (US$238.9m)
- Operating profits also rise by double figures, up by 12.5%
- Sales lift by 12% to EUR889.2m
- Sees Russia as "high potential" market
Gruppo Campari has high hopes for Russia, going forward
Gruppo Campari has fixed its gaze on Russia going forward, as it credits "sustained organic growth" in the first nine months of 2011.
The Italy-based wine, spirits and soft drinks group this morning (14 November) posted an 11.5% lift in pre-tax profits for the period, reaching EUR174.3m (US$238.9m). Operating profits performed slightly better, rising by 12.5% to EUR206.2m. Net sales increased by 11.9% to EUR889.2m.
A net profit figure was not disclosed, while Q3 results were not released separately.
A strong performance in the nine months to the end of September was noted in the rest of the world and duty free division, where organic growth of sales hit 33.3%. Campari's other units - Italy, rest of Europe and the Americas, delivered sales growth in organic terms of 2.7%, 17.2% and 9.6%, respectively.
"We had another strong quarter with sustained organic growth, driven in particular by our core spirits business, as well as the positive contribution of our recent acquisitions," said company CEO, Bob Kunze-Concewitz.
"For the remainder of the year, we expect our key brand and market combinations to continue performing positively." Kunze-Concewitz also said that Campari plans to invest in its distribution efforts, "particularly in the high potential Russian market".
"At the same time," he continued, "in the light of the macroeconomic risks linked to the current financial markets conditions, we have further heightened our disciplined approach to working capital management. We continue to remain confident of the mid to long term potential of our growth engines."
For the company's official release. click here.
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