FRANCE: Vranken-Pommery Monopole reduces H1 losses
- H1 net losses narrow to EUR700,000m from prior-year EUR1.1m
- Net sales drop 10.8% to EUR111.9m
- Operating profits unchanged at EUR8.5m
The group has reduced its first-half losses
Champagne producer Vranken-Pommery Monopole has seen its net losses narrow in the first half of this year, as the company continues to focus on its leading brands.
Net losses in the six months to the end of June came in at EUR700,000m (US$924,400), compared to EUR1.1m the prior year, the Reims-based group said late last week. Sales in the period fell by 10.8% to EUR111.9m, while operating profits were flat at EUR8.5m.
The group said it had made “very good progress” in brand sales, which were up by 2.1%, as it continued with its strategy to prioritise its “leading” brands.
Looking ahead, Vranken-Pommery said that visibility remains “limited” until the end of 2013, but that "the sales trends recorded to date consolidate the group’s prospects of improved annual current operating profitability”.
Earlier this year, the company reported a 4% drop in full-year 2012 sales.
To read the company's full statement, click here.
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