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Marie Brizard targets FY profits leap despite H1 struggles

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  • H1 net losses come in at EUR2.7m (US$3m) compared to EUR9.4m losses in the same period in 2014
  • Net sales for the first six months of 2015 inch up 0.6% to EUR222.7m
  • Operating losses hold steady at at EUR2.2m

Marie Brizard Wine & Spirits has reduced its net losses by 71% in the six months to the end of June.

Marie Brizard is toasting a reduction in its net losses

Marie Brizard is toasting a reduction in its net losses

The company, which changed its name from Belvedere earlier this year, said late last week that sales in the first six months of this year inched up by 0.6% to EUR222.7m (US$244.3m). Factoring out terminated contracts in the corresponding period a year ago and "scope effects", however, sales rose by 4.5%.

The implementation of the group's 'BiG 2018' strategic plan led to a rise in consultancy and advisory fees in the half-year, the company said. Personnel costs excluding retirement provisions were up by EUR1.2m compared with the first half of 2014 and totalled EUR31.6m. "This increase was mainly a result of the hiring of personnel since June 2014, notably within the holding company, although this was partially offset by workforce adjustments carried out in Poland and France," the company said.

Despite the poor profits performance, Marie Brizard remains upbeat for the full year. The group said its objective is to almost double its EBITDA in 2015 compared to last year, when it totalled EUR5.2m. The group has also reaffirmed the full-year financial targets laid out in its strategic plan.

CEO Jean-Noël Reynaud said: “The first half of 2015 saw the start of our strategic plan. The three key areas of BiG 2018 (rationalisation, optimisation and growth) are all progressing in line with our expectations, and the improvement in our results will be visible from the second  half of 2015. Our growth is outstripping that of our peers and our brands perfectly resonate with our markets.

"EBITDA improved over the first half of 2015, but this is only the start and we are determined to accelerate this  trend. We knew that the Group had substantial potential. The recent changes in our shareholding structure to include wine and spirits industry experts open up new opportunities to develop our sales and optimise our costs. We will reveal these in a “BiG 2.0” publication in December. Lastly, work associated with the restructuring of our equity warrants is currently taking place and should be completed in the coming months.”

To read the official statement, click here.


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