Rémy Cointreau tops €1bn in second half sales driven by Scotch whisky

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Rémy Cointreau, owners of Bruichladdich Scotch Whisky and Botanist Gin among others, has recorded more than €1bn of sales in its 2020 second half results, up 1.8% from the previous year, driven by single malt whisky sales despite a global travel business slow-down.

China and the Americas were mainly responsible for the increased sales in the second half of the year – at 20% and 38.7% respectively – as sales fell in Europe, Middle East and Africa by 11.5% in the second half. The biggest seller in China was Scotch whisky brands, which saw a 40% increase in sales.

Said the results, “Single malt whiskies had double-digit sales growth across all three macro-regions more than offset ongoing weakness in global travel retail sales with an excellent performance of the portfolio during the Chinese New Year 2021,”

It reported operating profits of €236.1, up 12.8% from €215m last year, while overall sales for spirits and liqueurs fell by 3.2% during the year, even with the 7.2% jump in the second half.

The group is proposing a dividend of €1.85 per share to reflect the increase in sales, compared with last year’s €1. It is targeting a gross margin of 72% by 2030, with the operating margin increasing to 33% from the achieved goal of 23.3%.

The Rémy Cointreau board has also authorised the company’s chief executive to implement the share buyback programme on up to 1 million shares, accounting for 1.98% of the share capital.

The report concluded, “The group anticipates a strong start to 2021/22, supported by a very favourable base of comparison, shipment phasing benefits and structurally more buoyant consumer trends in the United States.”

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