CONSOLIDATED ANNUAL RESULTS 2019/2020

2019/2020: a singular year Profitability that remains high Ambitious new medium-term targets

In the financial year ending March 2020, Rémy Cointreau posted sales of €1,024.8 million, down 9.0% on a reported basis and 11.2% on an organic basis (assuming constant exchange rates and consolidation scope). 

Current Operating Profit came in at €215.1 million, down 18.6% on a reported basis and 22.0% on an organic basis after a historically strong financial year 2018/19. The current operating margin, while declining, came in at a satisfactory 21.0% thanks to a remarkable increase in the gross margin (up 2.8 percentage points on an organic basis) and favourable foreign exchange effects (up 0.4 percentage point). However, profitability was pulled down by continued strategic investment in communication and by structure costs.

Excluding non-recurring items,  net profit attributable to the Group came in at €124.2 million, down 26.9% on a reported basis.

HOUSE OF RÉMY MARTIN

Sales at the House of Rémy Martin declined 7.5% on an organic basis in 2019/20 (down 5.0% on a reported basis). Mainland China had another year of very strong growth despite fourth-quarter sales being hit hard by the pandemic. Performance in other markets was more mixed, particularly in Travel Retail, the United States (due to retailers reducing their stocks) and Europe (due to changes in the distribution network). In spite of an unfavourable environment, the upscaling strategy continued to filter through into very positive mix and price effects (adding 2.6% to sales), partly making up for lower volumes over the period (down 10.1%).