Lucas Bols reports first-half revenue and net profit in line with last year
Good performance in North America and Emerging Markets
Highlights first half year 2016/17
· Revenue of € 39.4 million, in line with last year, driven by 2.2% growth in the global brands at constant currency
· North America and Emerging Markets reported strong revenue growth and Asia-Pacific showed recovery, while Western Europe remains challenging
· Dutch genever brands Floryn and Legner were acquired as part of the takeover of the Cooymans distillery by the Avandis joint venture
· Increased investments in commercial organisation and A&P largely funded by higher EBIT achieved by regional brands, including one-off gain on Cooymans acquisition
· EBIT of € 11.3 million, down 2.4% at constant currency
· Net profit of € 7.8 million, up 1.7% at constant currency
· Interim dividend set at € 0.31 per share in cash
· Agreement with Rémy Cointreau on Passoã joint venture announced in October
Huub van Doorne, CEO Lucas Bols: “In the first half of the 2016/17 financial year we saw favourable developments in North America and the Emerging Markets regions, with organic revenue growth of 10.7% and 9.2%, respectively. Asia-Pacific recovered, as expected, with good developments in Australia and New Zealand. In Western Europe the market remains challenging, mainly in the German and Benelux markets. In the first half of the year we took steps to further leverage our asset-light platform. Firstly, we acquired Dutch genever brands Floryn and Legner, strengthening our market leadership position in the Dutch market. Furthermore, we signed an agreement with Rémy Cointreau to establish a joint venture to manage the Passoã brand. We look forward to further building this iconic brand within our portfolio of global brands. The Passoã activities will add significant value to our shareholders as it is expected to increase our earnings per share by around 20% on a full-year basis.”