Remy Cointreau has reported better-than-expected profit growth for its fiscal full year, helped by a rebound in the key Chinese market, and said it expects further improvement in the current fiscal year.
For the year ending 31 March, operating profit was up 6.1% to €178.4m, net profit grew by 10.6% to €102.4m. and revenue rose by 8.9% to €1.05bn (+0.3% like-for-like basis).
Sales at the Remy Martin division jumped up 14.7% to €647.8m, on operating profit growth of 19%. The Liqueurs & Spirits division reported a modest 4.1% increase in sales to €273.7m, while operating profit declined by 7.1%. Its other group brands saw sales grow by 11.3% to €921.5m, with operating profit up 11%. However, Partner Brands recorded a 5.9% drop in sales to €129.2m, with operating profit slumping by 17.1%.
The group said it witnessed renewed demand for premium spirits in markets such as China and the US, while the Europe, Middle East and Africa region also “delivered a strong performance”.