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Asian Cognac demand fuels Rémy Cointreau
Rémy Cointreau has recorded a rise in first half operating profits, driven by strong demand for its Cognac in Asia.
Despite the ongoing financial uncertainty in Europe, the French spirits group has predicted a “substantial” increase in its year-end profits.
Earlier this year the company sold off its troublesome Champagne division, reducing its net debt to €114 million on 30 September from €484m a year previously.
First-half operating profits at the maker of Rémy Martin Cognac and Mount Gay rum reached €106.2m for the six months to 30 September.
“The good results in the first half allow us to confirm a substantial increase in earnings at end-March 2012,” Rémy said in a statement.
“In an uncertain economic and monetary environment, in particular in Europe, Rémy Cointreau confirms the relevance of its long-term value strategy,” it added.
Rémy already posted an 18.1% rise in the first six months of its fiscal year as its Cognac division continued to reap the benefits of higher pricing in Asia.
All the group’s divisions and regions contributed to growth and the group was keen to emphasise that signs of recovery in the US and Europe were concrete.