REMY COINTREAU POSTS DOUBLE DIGIT GROWTH IN OPERATING PROFIT FOR THE THIRD YEAR

Thanks to a boost from its cognac and champagne divisions, led by Piper-Heidsieck, Remy Cointreau posted steady results for the 12-month period ending March 31 with a 4.5% rise in sales and a 15% jump in operating profits. The company credited its success to price increases and debt reduction along with premium brand strength.

Remy also announced the sale of its Hungarian vodka trademark Bols Hungary to Poland’s Central Distribution Corp (CEDC) in order to focus on its core premium brands. The purchase will include ownership of the Royal Vodka trademark which is the number one selling vodka in Hungary.

"We are in a premium (brand) strategy," Chairwoman Dominique Heriard Dubreuil told listeners at today’s conference. "This means also we are not ready to pay the market's crazy prices, because we want to improve our medium and long-term profitability."