Remy Cointreau first half profits beat expectations, keeps outlook

remy cointreau first half profits beat expectations, keeps outlook

FILE PHOTO: Bottles of Cointreau are displayed in the Carre Cointreau at the Cointreau distillery in Saint-Barthelemy-d’Anjou near Angers

PARIS (Reuters) – Remy Cointreau reported a stronger-than-expected 27.2% organic jump in first-half operating profit, driven by strong demand for its premium cognac in China and the United States and cost controls.

For the full year of 2022/23, the maker of Remy Martin cognac and Cointreau liqueur reiterated it expected another year of strong organic sales growth, with the second half set to reflect a return to normal consumption trends after two years of “exceptional growth”.

Group current operating profit for the six months to Sept. 30 reached 318.3 million euros ($332.1 million), marking an organic rise of 27.2%.

That outperformed a company-compiled consensus of 22 analysts that forecast current operating profit of 306 million euros, up 23.8% like-for-like.

Remy Cointreau’s fiscal year starts on April 1 and ends on March 31.

($1 = 0.9586 euros)

(Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)

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