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Asian Cognac boom spurs Remy Cointreau profits
Remy Martin Cognac’s strong performance in the Asian market has propelled parent company Remy Cointreau’s turnover for the year forward by 13%.
In its preliminary finical results for the year ending 31 March 2012, Remy Cointreau saw turnover increase from €907.8m to €1,026m, with operating profit up 24% to €207.7m.
The continued premiumisation of Cognac in the Asian sector helped Remy Martin achieve a sales growth of 22% to €592.5m, although the group reports success in the US, travel retail and Russian markets were also major drivers.
The group’s liqueurs and spirits saw an overall turnover of €214.8m, with both Cointreau and Mount Gay Rum both seeing growth in their key markets. Europe, while a sticky market for many, is key for Remy Cointreau’s liqueurs and spirits that all saw growth despite the Euro crisis.
In its statement, released today, Remy Cointreau said: “The momentum recorded throughout the 2011/12 financial year, despite an uncertain economic and monetary environment in Europe, demonstrates that Rémy Cointreau is in a good position to continue to grow its brands. The Group will therefore remain true to its value strategy whilst considering potential growth opportunities.
“Rémy Cointreau focuses on creating value with its brands and continues to rely on a policy of constant product innovation, whilst strengthening the efficiency of its distribution network. Thanks to this strategy, Rémy Cointreau will continue to generate steady and profitable growth.”