© 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
By Dominique Vidalon
PARIS (Reuters) -Remy Cointreau raised its full-year revenue outlook after reporting a stronger-than-expected 104.5% natural soar in first-half working revenue, pushed by sturdy demand for its premium cognac in China, the USA and Europe.
The maker of Remy Martin cognac and Cointreau liqueur stated it’s now anticipating “very sturdy” natural progress in its present working revenue within the 2021/22 monetary 12 months. It had beforehand acknowledged it was concentrating on “sturdy” natural progress.
The corporate additionally remained assured of its capability to outperform the distinctive spirits market and reiterated a forecast for sturdy natural progress in full-year gross sales.
“It has been a tremendous semester for Remy Cointreau, reflecting our market share positive factors and the stable progress made on our strategic priorities. These outcomes will reinforce our capability to change into the worldwide chief in distinctive spirits,” Chief Government Officer Eric Vallat stated in an announcement.
Due to already introduced plans to step up advertising and marketing and communication spending to help its manufacturers and given the excessive comparability foundation of the second half, natural progress in full-year present working revenue shall be solely pushed by the expansion seen within the first half, the group stated.
Group present working revenue for the six months ended Sept. 30 reached 212.9 million euros ($238.8 million), marking an natural rise of 104.5%.
That outperformed a company-compiled consensus of twenty-two analysts that forecast a present working revenue of 168.1 million euros.
Working revenue on the Remy Martin cognac division, which makes practically 90% of group revenue, totalled 188.1 million euros within the first half, marking an natural rise of 101.9%.
Remy Cointreau, which final 12 months 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 around the globe amid well-resilient consumption from folks having drinks at dwelling.
Remy Cointreau fiscal 12 months begins in April and ends in March.
($1 = 0.8917 euros)
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