Rémy Cointreau turns in stellar performance – 17/01/08
Source: ©The Moodie Report
By Melody Ng
FRANCE. Rémy Cointreau has reported a consolidated turnover of €630.8 million for the first nine months of the financial year, which began in April 2007. This figure represents a year-on-year organic growth of +8.2% and +7.9% overall.
According to the company, all group brands performed well over the period, particularly Rémy Martin Cognacs and the group's Champagne. Asia and Europe were the two main growth drivers.
Nine-month sales by division (April – December 2007)*
Cognacs: Turnover reached €269.6 million, a year-on-year rise of +2.4% and an organic growth of +8.6%. Rémy Martin confirmed the strong increases achieved by its Cognacs in Asia, particularly in China and Singapore. Performance was equally sound in Europe, driven by Russia as well as France and Benelux, while consumer demand in the US remained decent.
Liqueurs & Spirits: This division registered a modest year-on-year rise of +0.3% and organic growth of +2.8% to achieve a turnover of €164.4 million. Cointreau recorded satisfactory growth, particularly in the UK, France and Scandinavian countries. Metaxa, Passoa and Mount Gay Rum continued to develop strongly in their respective markets.
Champagne: The “excellent” performances of Piper-Heidsieck and Charles Heidsieck over the third quarter mostly offset the decline in low added value unbranded Champagnes. There was a solid year-on-year increase of +13.8% and organic growth of +15.6%, mainly driven by Europe and the US. Overall turnover was €121.6 million.
Partner brands: Russian Standard vodka and Scotch whiskies experienced a boom in the US, with the division registering year-on-year growth of -2.0% and an organic increase of +5.9%. Overall turnover stood at €75.2 million.
* Note: As at 31 December 2007. All organic growth figures calculated on a like-for-like basis.
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