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Remy Cointreau raises annual outlook after H1 profit beat By Reuters

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© Reuters. FILE PHOTO: A bottle of Remy Martin XO cognac is displayed on the Remy Cointreau SA headquarters in Paris, France, January 21, 2019. REUTERS/Benoit Tessier

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By Dominique Vidalon

PARIS (Reuters) -Remy Cointreau raised its full-year revenue outlook after reporting a stronger-than-expected 104.5% natural soar in first-half working revenue, pushed by robust demand for its premium cognac in China, america and Europe.

The maker of Remy Martin cognac and Cointreau liqueur mentioned it’s now anticipating “very robust” natural progress in its present working revenue within the 2021/22 monetary 12 months. It had beforehand said it was concentrating on “robust” natural progress.

The corporate additionally remained assured of its potential to outperform the distinctive spirits market and reiterated a forecast for robust natural progress in full-year gross sales.

“It has been an incredible semester for Remy Cointreau, reflecting our market share positive aspects and the strong progress made on our strategic priorities. These outcomes will reinforce our potential to change into the worldwide chief in distinctive spirits,” Chief Govt Officer Eric Vallat mentioned in a press release.

Due to already introduced plans to step up advertising and marketing and communication spending to help its manufacturers and given the excessive comparability foundation of the second half, natural progress in full-year present working revenue might be solely pushed by the expansion seen within the first half, the group mentioned.

Group present working revenue for the six months ended Sept. 30 reached 212.9 million euros ($238.eight million), marking an natural rise of 104.5%.

That outperformed a company-compiled consensus of 22 analysts that forecast a present working revenue of 168.1 million euros.

Working revenue on the Remy Martin cognac division, which makes almost 90% of group revenue, totaled 188.1 million euros within the first half, marking an natural rise of 101.9%.

Remy Cointreau, who final 12 months bore the brunt of the COVID-19 disaster alongside different premium spirits makers, had already reported a 52% natural soar in first-half gross sales.

This mirrored a robust demand in rebound in bars and eating places as COVID-19 restrictions eased around the globe amid well-resilient consumption from folks having drinks at house.

Remy Cointreau fiscal 12 months begins in April and ends in March.

($1 = 0.8917 euros)

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Abhishek Tiwarihttps://www.cyberyukti.com
Abhishek Tiwari is the Author & Founder of the CyberYukti.com. He is passionate about Blogging & Digital Marketing.

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