Lucas Bols reports strong revenue and net profit growth
Highlights full-year 2016/17
Strong revenue growth of 10.8% to € 80.5 million as a result of both 3.4% organic growth and consolidation of the first four months of Passoã
Revenue of the global brands increased by 14.8% (+4.2% organically), while regional brands delivered 1.8% revenue growth (+1.6% organically)
All regions performed well, with good revenue growth in Emerging Markets (+20.1% organically) and North America (+4.7% organically)
Gross profit was up 13.4% (+4.3% organically) and gross margin increased by 130 bps to 60.1% (+50 bps organically)
Substantially increased investments in the commercial organisation and A&P compared to a year ago (+ € 2.3 million) resulted in a slight decline in organic EBIT
Net profit increased 28.6% to € 15.1 million (2015/16: € 11.7 million), including a one-off tax benefit. Normalized net profit was € 12.3 million
Proposed final dividend of € 0.26 per share, bringing total full-year dividend to
€ 0.57 per share, up 5.6% compared to 2015/16
Huub van Doorne, CEO Lucas Bols: “Following the important steps we took in our route to market in the 2015/16 financial year, in 2016/17 we were able to consolidate our expanded distribution network. Increased investments focused both on strengthening our commercial team and raising A&P spending already started to bear fruit in the past year, as evidenced by the 4.2% organic growth of the global brands. We further leveraged our asset-light business model, adding the iconic Passoã brand to our portfolio of global brands in the second half of the year. Despite substantially increased investment levels, EBIT in 2016/17 was broadly in line with 2015/16. In accordance with our dividend policy we are pleased to propose a final dividend of € 0.26 per share, resulting in a total full-year dividend of € 0.57 per share, up 6% compared to last year.”
Key figures
(in € million unless otherwise stated, for the year ended)
31 March 2017
31 March 2016
% change
reported
% change
organic[1]
Revenue
80.5
72.6
10.8%
3.4%
Gross profit
48.4
42.7
13.4%
4.3%
Gross margin
60.1%
58.8%
130 bps
50 bps
EBIT[2]
18.2
17.6
3.8%
-3.0%
Net profit
15.1
11.7
28.6%
Operating free cash flow[3]
17.5
16.7
4.7%
Earnings per share (in €)
1.21
0.94
28.6%
Total dividend per share (in €)
0.57
0.54
5.6%