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Remy Cointreau raises annual outlook after H1 profit beat By Reuters

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© Reuters. FILE PHOTO: A bottle of Remy Martin XO cognac is displayed on the Remy Cointreau SA headquarters in Paris, France, January 21, 2019. REUTERS/Benoit Tessier

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By Dominique Vidalon

PARIS (Reuters) -Remy Cointreau raised its full-year profit outlook after reporting a stronger-than-expected 104.5% natural soar in first-half working profit, pushed by sturdy demand for its premium cognac in China, the United States and Europe.

The maker of Remy Martin cognac and Cointreau liqueur stated it’s now anticipating “very strong” natural progress in its present working profit within the 2021/22 monetary yr. It had beforehand said it was focusing on “strong” natural progress.

The firm additionally remained assured of its means to outperform the distinctive spirits market and reiterated a forecast for sturdy natural progress in full-year gross sales.

“It has been an amazing semester for Remy Cointreau, reflecting our market share gains and the solid progress made on our strategic priorities. These results will reinforce our ability to become the worldwide leader in exceptional spirits,” Chief Executive Officer Eric Vallat stated in an announcement.

Because of already introduced plans to step up advertising and marketing and communication spending to assist its manufacturers and given the excessive comparability foundation of the second half, natural progress in full-year present working profit will probably be solely pushed by the expansion seen within the first half, the group stated.

Group present working profit for the six months ended Sept. 30 reached 212.9 million euros ($238.eight million), marking an natural rise of 104.5%.

That outperformed a company-compiled consensus of 22 analysts that forecast a present working profit of 168.1 million euros.

Operating profit on the Remy Martin cognac division, which makes practically 90% of group profit, totalled 188.1 million euros within the first half, marking an natural rise of 101.9%.

Remy Cointreau, which final yr bore the brunt of the COVID-19 disaster alongside different premium spirits makers, had already reported a 52% natural soar in first-half gross sales.

This mirrored a powerful demand in rebound in bars and eating places as COVID-19 restrictions eased world wide amid well-resilient consumption from folks having drinks at residence.

Remy Cointreau fiscal yr begins in April and ends in March.

($1 = 0.8917 euros)

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