Annual profits

Spirits giant who owns Bruichladdich whiskey increases annual profits

Rémy Cointreau, headquartered in France, said net profit attributable to the group excluding non-recurring items during the year ended March was € 148.2 million (£ 127 million ) up 19.4% on a reported basis and exceeding expectations.

Sales amounted to just over € 1 billion, up 1.8% organically and down 1.4% as reported – with the group saying performance demonstrates resilience in the midst of the Covid-19 pandemic.

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It proposes an ordinary dividend of € 1.85 per share for the 12-month period, compared to € 1 the previous year.

The group agreed in 2012 to buy Islay-based whiskey maker Bruichladdich for £ 58million. Photo: Jeff J Mitchell / Getty Images.

In its liquors and spirits division, sales were down 3.2 percent year-on-year despite a 7.2 percent jump in activity in the second half of the year.

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Maison Cointreau and the whiskey business both posted a “very solid” performance, while the rest of the portfolio was hampered by weakness in Europe, the Middle East and Africa (due to the closure of the OTC channel) and the free Duty Segment.

Rémy Cointreau also said that its board of directors had authorized the chief executive officer of the company to implement the share buyback program involving up to 1 million shares, representing 1.98% of the share capital. The buyback program will expire – subject to market conditions – no later than December 8, 2021.

Regarding the 2021/22 financial year, the group says it is “confident in its ability to continue to gain market share in the exceptional spirits sector”. He adds: “The group anticipates in particular an excellent start to the year, supported by very favorable base effects, phasing effects of shipments, and new consumer trends that are structurally more buoyant in the United States.

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