Scotch whisky boosts Rémy Cointreau to more than €1bn in second half sales

French spirits group Rémy Cointreau has recorded more than €1bn of sales, up 1.8% from the previous year.

The company, which owns Bruichladdich Scotch Whisky and the Botanist Gin among others, reported operating profits of €236.1, up 12.8% from €215m last year.

Overall sales for spirits and liqueurs fell by 3.2% during the year, even with the 7.2% jump in the second half.

China and the Americas were mainly responsible for the increased sales in the second half of the year – at 20% and 38.7% respectively – as sales fell in Europe, Middle East and Africa by 11.5% in the second half.

The biggest seller in China was Scotch whisky brands, which saw a 40% increase in sales.

“Single malt whiskies had double-digit sales growth across all three macro-regions more than offset ongoing weakness in global travel retail sales with an excellent performance of the portfolio during the Chinese New Year 2021,” read the results.

The group is proposing a dividend of €1.85 per share to reflect the increase in sales, compared with last year’s €1.

It is targeting a gross margin of 72% by 2030, with the operating margin increasing to 33% from the achieved goal of 23.3%.

Rémy Cointreau also confirmed its board had authorised the company’s chief executive to implement the share buyback programme on up to 1 million shares, accounting for 1.98% of the share capital.

The group concluded: “The group anticipates a strong start to 2021/22, supported by a very favourable base of comparison, shipment phasing benefits and structurally more buoyant consumer trends in the United States.”

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