Marie Brizard Wine & Spirits reports net sales rose 0.4% to €134.7 million ($158 million) but net income soared 94.3%, narrowing the prior year loss to just €1.4 million.
Andrew Highcock, ceo, said “the first-half performance reflects the relevance of the strategic choices made and the Group’s resistance, notably thanks to the opportunistic nature of the bulk business during the pandemic.
“We have pursued resolutely the execution of our strategic plan aimed at a sustainable return to profitability, and the Group was able to count on the mobilization of its teams despite the adversity of the Covid-19 crisis. The Group is reaping the first fruits of its actions, which allows us to remain confident.
“Nevertheless, health uncertainties persist in the second half of the year and force us to remain cautious about the outlook, as the seasonality of our business is very strong in the second half of the year, with a fourth quarter that will be decisive for the year as a whole.”
The Americas business swung from a €400,000 loss during 2019’s first half to EBITDA of €3.3 million. The company credited the start of the distribution partnership with the Sazerac group in the United States in January with having a “strong positive impact due to the build-up of our importer’s inventories.” But because inventories are now stocked it warned a slowdown in this rate is therefore expected in the second half.