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Spirits group R\u00e9my Cointreau<\/strong> announced its results for the past financial year<\/strong> on Thursday, declaring that they had exceeded expectations.<\/p>\n <\/p>\n R\u00e9my Cointreau announced a 38.8%<\/strong> increase in net profit to 293.8 million euros<\/strong> for the fiscal year ending March 31, 2023.<\/p>\n <\/p>\n Profit from recurring operations (ROC) also grew by 28.5%<\/strong>, and by 16.2%<\/strong> on an organic basis, to 429.6 million euros<\/strong>. This performance translated into an operating margin before non-recurring items of 27.7%<\/strong>, compared with 25% the previous year. In the Group’s main branch, cognac, ROC rose by 14.7%<\/strong> on an organic basis to 405.2 million euros<\/strong>, with a margin of 36.8%<\/strong>, compared with 34.1% the previous year.<\/p>\n <\/p>\n R\u00e9my Cointreau had already announced its sales for fiscal 2022-2023, up 10.1% to 1.55 billion euros.<\/strong> At that time, the cognac maker confirmed its expectation of “significant organic growth” in profit from recurring operations for 2022-2023. According to analysts surveyed by FactSet, the average forecast for this ROC was \u20ac426 million<\/strong> for this fiscal year.<\/p>\n <\/p>\n “R\u00e9my Cointreau has had a record year, and is consolidating its lead on its 2030 strategic plan. In three years, R\u00e9my Cointreau has changed dimension and category, with sales rising from 1 billion to 1.55 billion euros over the period, and an operating margin before non-recurring items up 5 points”<\/em>, said \u00c9ric Vallat<\/strong>, the Group’s CEO.<\/p>\n <\/p>\n <\/p>\n The wine and spirits group has issued a warning that its sales are expected to fall by 30% to 40%<\/strong> in the first quarter of the current financial year. This decline is mainly attributed to a sharp drop in business in the United States<\/strong>. However, the Group expects a gradual recovery from the second half of the year onwards.<\/p>\n <\/p>\n “We expect sales to fall sharply in the first quarter, by between 30% and 40%, as a result of the normalization of activity in the United States. This drop should be set against the exceptional 185% jump in US sales in the first quarter of the previous year”,<\/em> said Eric Vallat. “Our business should then rebound vigorously in the second half of the year”.<\/em><\/p>\n <\/p>\n Despite the warning concerning first-quarter sales, which cover the period from April 1 to June 30, the family-owned group has maintained its forecasts for the year ending March 2024.<\/p>\n <\/p>\n For the 2023-2024 financial year, the Group also expects currency fluctuations to have an estimated negative impact of between 50 and 60 million euros<\/strong> on sales, and between 10 and 15 million euros<\/strong> on operating income recurring.<\/p>\n <\/p>\n <\/p>\n On the stock market, R\u00e9my Cointreau’s share price was virtually stable at 143.75 euros<\/strong> at 10:40 am. It should be noted that the share price had risen significantly prior to this announcement.<\/p>\n <\/p>\n At the Annual General Meeting of Shareholders scheduled for July 20, 2023<\/strong>, R\u00e9my Cointreau’s Board of Directors will propose the distribution of an ordinary dividend of 2 euros<\/strong> per share in cash, as well as an exceptional dividend of 1 euro<\/strong> per share, also in cash. This decision to distribute dividends reflects the excellent results achieved in the 2022-2023 financial year, as well as the high level of confidence of the Board of Directors and management team in the Group’s growth prospects.<\/p>\n <\/p>\n Read also >R\u00e9my Cointreau is committed to the circularity of its bottles<\/a><\/p>\n <\/p>\n Featured photo : \u00a9 R\u00e9my Cointreau [\/vc_column_text][\/vc_column][\/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]<\/p>\n <\/p>\n <\/p>\n Spirits group R\u00e9my Cointreau<\/strong> announced its results for the past financial year<\/strong> on Thursday, declaring that they had exceeded expectations.<\/p>\n <\/p>\n R\u00e9my Cointreau announced a 38.8%<\/strong> increase in net profit to 293.8 million euros<\/strong> for the fiscal year ending March 31, 2023.<\/p>\n <\/p>\n Profit from recurring operations (ROC) also grew by 28.5%<\/strong>, and by 16.2%<\/strong> on an organic basis, to 429.6 million euros<\/strong>. This performance translated into an operating margin before non-recurring items of 27.7%<\/strong>, compared with 25% the previous year. In the Group’s main branch, cognac, ROC rose by 14.7%<\/strong> on an organic basis to 405.2 million euros<\/strong>, with a margin of 36.8%<\/strong>, compared with 34.1% the previous year.<\/p>\n <\/p>\n R\u00e9my Cointreau had already announced its sales for fiscal 2022-2023, up 10.1% to 1.55 billion euros.<\/strong> At that time, the cognac maker confirmed its expectation of “significant organic growth” in profit from recurring operations for 2022-2023. According to analysts surveyed by FactSet, the average forecast for this ROC was \u20ac426 million<\/strong> for this fiscal year.<\/p>\n <\/p>\n “R\u00e9my Cointreau has had a record year, and is consolidating its lead on its 2030 strategic plan. In three years, R\u00e9my Cointreau has changed dimension and category, with sales rising from 1 billion to 1.55 billion euros over the period, and an operating margin before non-recurring items up 5 points”<\/em>, said \u00c9ric Vallat<\/strong>, the Group’s CEO.<\/p>\n <\/p>\n <\/p>\n The wine and spirits group has issued a warning that its sales are expected to fall by 30% to 40%<\/strong> in the first quarter of the current financial year. This decline is mainly attributed to a sharp drop in business in the United States<\/strong>. However, the Group expects a gradual recovery from the second half of the year onwards.<\/p>\n <\/p>\n […][\/vc_column_text][vc_cta h2=”This article is reserved for subscribers.” h2_font_container=”tag:h2|font_size:16|text_align:left” h2_use_theme_fonts=”yes” h4=”Subscribe now !” h4_font_container=”tag:h2|font_size:32|text_align:left|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE !” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Fluxus-plus.com%2Fen%2Fsubscriptions-and-newsletter-special-offer-valid-until-september-30-2020-2-2%2F”]Get unlimited access to all articles and live a new reading experience, preview contents, exclusive newsletters…<\/p>\nFirst quarter down<\/h2>\n
Exceptional dividend<\/h2>\n
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R\u00e9my Cointreau, the French spirits group, announced record annual results on Thursday, broadly in line with expectations for the past financial year. With a bright outlook, Remy Cointreau also confirmed its forecasts for the fiscal year ending March 2024.<\/h4>\n
First quarter down<\/h2>\n