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MBWS FY results show ‘recovery’ signs
William Peel whisky owner Marie Brizard Wine & Spirits (MBWS) saw sales dip by 1% in its 2021 full-year results.
In 2021, the group generated sales of €166.7m (US$179.8m), which was 1% less than the previous year, excluding the currency impact. This was despite MBWS reporting a sales decrease of €5.8 million (US$6.8m) in the first half of 2021.
MBWS’s full-year earnings before interest, taxes, depreciation and amortisation (EBITDA) reached €12.6m (US$13.6m), which is an increase of 19.2% on 2020 (including non-recurring income).
Net earnings from continuing operations amounted to €6.6m (US$7.12) profit, compared with a €5.6m (US$6.04m) net loss in 2020, reflecting the group’s ‘improving profitability’ and success of refocusing on the ‘core brand business’.
Andrew Highcock, chief executive officer of MBWS, said: “The second half of 2021 confirmed the positive trend observed at the beginning of the year; the on-going operational implementation of our value creation strategy coupled with the achievement of targeted volume growth affirms the fundamentals of the 2021 EBITDA improvement.
“Backed by a streamlined financial structure and restored balance sheet position, the group intends to pursue profitable and proactive business development while maintaining rigorous cost management at local and central levels, so as to sustain the profitability of its businesses.”
MBWS said its sales recovery was driven by the French market. The US also saw encouraging results thanks to a new distribution model, yet fell short of 2020 sales, according to the group.
Highcock added: “In an already highly disruptive and volatile environment at the close of 2021, the group is particularly vigilant about protecting its interests given the current Ukraine conflict; the group is committed to maintaining its adaptability as regards its organisation, employees and operations during the coming months at this time of uncertainty.”
With regards to the gross margin ratio clocking in at 41.1% last year, down from 2020’s 42.4%, the firm attributed this to a decrease in bulk sales in the Baltic states, a negative price effect in France due to trade negotiations and being offset by the recovery of branded business, particularly for international and on-trade in the second half of 2021.
Earlier this year, MBWS revealed it was considering removing 29 jobs in its French off-trade sales division as part of its plans to restore profitability.