Marie Brizard said its net revenue in the first half was 14.3% higher than in the like year-earlier period. Net profit more than doubled, rising to Eur 5.1 from Eur 2.5 a year earlier.

This improvement is mainly due to increased sales in part of the international business coupled with strong resilience among strategic brands in France, despite lower volumes trend, the company said. .

The France cluster posted first half 2023 revenues of €42.1 million, up 5% versus H1 2022 despite the continuing slowdown in the spirits market. Revenue growth reflects the price increases applied mainly since Q2 2023 and restocking by some distributors. William Peel, Berger and San José posted growth in line with their respective market segments. Marie Brizard and Sobieski were impacted by a levelling effect in the on-trade business (customer restocking before summer 2022) and also in the off-trade business, where promotions were postponed and some product lines were suspended due to glass shortages.

Sales improved in the on-trade sector due to price increases, but volumes were down.

This positive first half sales trend in the France cluster is likely to weaken in the face of adverse market developments and ongoing instability in raw material supply chains.

International revenues amounted to €56.7 million, up 22.2% versus H1 2022 at constant exchange rates, reflecting contrasting trends across regions:

• penetration of new markets by Lithuania, Bulgaria and their export regions, generating strong sales growth;
• strong business in Spain in both strategic brands and subcontracting, driving strong revenue growth;
• challenges in some long-standing markets (Canada, Australia and the UK), particularly for the Gautier and Marie Brizard brands due to the decline in the relevant market segments (cognac, traditional liqueurs) and inventory reductions by local distributors;
• slow inventory depletions among US distributors, as well as glass shortages for some references, leading to a decline in revenues over the first half of the year.