Marie Brizard Wine & Spirits: First half 2024 revenues
Charenton-le-Pont, 25 July 2024
First half 2024 revenues
H1 2024 revenue of €94.9m, down
3.9%
Q2 revenues of €51.6m, down 1.1%
Slight increase in France, but decline
internationally
- France
revenues rose by 1.1% in H1 2024, still benefiting from the
positive impact of the price increases implemented on 1 March 2023,
and from a base effect linked to out of stocks at certain customers
in Q1 2023
- Slight improvement in sales in Q2
2024, up 1.6% on Q2 2023;
- Increased sales of William Peel,
Marie Brizard (thanks to new listings) and Sobieski brands in
Off-Trade, which nevertheless recorded a downturn at the end of the
quarter;
- The On-Trade network performed well
in the second quarter.
-
International revenues were down 7.6% in H1 2024, with a
smaller sequential decline in Q2 (-3.2% after -12.3% in Q1
2024)
- Revenues from European subsidiaries
were still down overall in Q2 2024 compared with a year earlier,
with the good performance of the subcontracting business in Spain
unable to offset the decline in the branded business;
- With regard to the subsidiaries in
the Americas, sales in the United States and Brazil continued to
grow in the first half of 2024 despite a decline in Q2 2024: in the
United States, the growth of the Sobieski brand in the second
quarter was entirely absorbed by the decline of the Marie Brizard
brand, and in Brazil, second-quarter sales appear to have been
impacted to a greater extent by the macro-economic
environment;
- Continued decline in sales on
export markets, particularly in the Asia-Pacific region (primarily
due to the Australian, Korean and Taiwanese markets) and in WEMEA;
sales also declined in the second quarter in Eastern Europe
(Poland).
NB: All revenue growth figures reported
herein are at constant exchange rates and consolidation scope,
unless otherwise stated.
Marie Brizard Wine &
Spirits (Euronext: MBWS) today announces its unaudited
revenues for the first half of 2024, covering the period from 1
January to 30 June 2024.
First half 2024 revenues
€m |
H1 2023 |
LFL change |
Currency impact |
H1 2024 |
LFL change (excl. currency impact) |
Reported growth (incl. currency impact) |
France |
42.1 |
0.5 |
- |
42.5 |
+1.1% |
+1.1% |
International |
56.7 |
-4.3 |
-0.0 |
52.4 |
-7.6% |
-7.6% |
TOTAL MBWS GROUP |
98.8 |
-3.8 |
-0.0 |
94.9 |
-3.9% |
-3.9% |
Q2 2024 revenues
€m |
Q2
2023 |
LFL change |
Currency impact |
Q2
2024 |
LFL change (excl. currency impact) |
Reported growth (incl. currency impact) |
France |
22.7 |
0.4 |
- |
23.0 |
+1.6% |
+1.6% |
International |
29.6 |
-1.0 |
-0.0 |
28.6 |
-3.2% |
-3.3% |
TOTAL MBWS GROUP |
52.3 |
-0.6 |
-0.0 |
51.6 |
-1.1% |
-1.2% |
France cluster
Despite the continuing slowdown in the spirits
market in France, primarily in the Off-Trade, revenues for the
France cluster came to €42.5m in the first half of 2024, up 1.1% on
the first half of 2023.
In Q2 2024, sales for the France cluster showed
a slight improvement, with an increase of 1.6% to €23.0m. This
increase is mainly due to the good performance of the Group’s
strategic brands, notably William Peel, Marie Brizard and Sobieski.
The France cluster is still benefiting from the effect of the price
increase applied at the end of Q1 2023, and also reflects the
positive performance of the On-Trade channel, which enjoyed a good
start to the summer season despite the impact of the weather. As a
reminder, the Q2 2023 comparison base was particularly high,
against a backdrop of the discontinuation of certain competing
brands in the Off-Trade, which benefited some of our brands.
International cluster
The International cluster posted first half 2024
revenues of €52.4m, down 7.6% from first half 2023. Sales for the
second quarter of 2024 were down 3.2% on Q2 2023, totalling
€28.6m.
In Spain, second-quarter sales rose by a healthy
11.2%, driven mainly by growth in industrial subcontracting
services. The delay in the 1st Quarter caused by a production line
shut down due to machine replacement in March was largely catched
up in the 2nd Quarter. Over the first half of the year, the brand
business (particularly Marie Brizard) continued to struggle.
In the export markets of Western Europe, Middle
East and Africa, second-quarter revenues fell by 23.3% due to poor
sales performances in a number of markets, notably Germany, Benelux
and Italy, despite a recovery in business in Africa and French
overseas departments and territories, with growth for the Strategic
Brands William Peel and Gautier.
Lithuania posted a 10.5% decline in revenues in
the second quarter. The industrial service bulk business was
penalised by the fall in market prices, while the brand business
declined, particularly in exports, despite significant growth for
Sobieski and Bajoru in the domestic market.
In Bulgaria, revenues fell slightly in Q2 (-0.6%
vs. 2023). The domestic market is growing, driven by the
performance of the wine business. Industrial services activity
continued to decline in the 2nd quarter, but to a lesser extent
than in the 1st quarter, reflecting a partial recovery from the
destocking effect experienced at the beginning of the year.
Revenues in Scandinavia were up by 48.3% in the
second quarter, with sales growth in the Agency Brands business and
an improved performance from the Strategic Brands, particularly
Marie Brizard and Sobieski.
In the Eastern European export markets, sales in
Poland in the second quarter fell sharply by 34.4% compared with
2023, against a backdrop of a highly competitive whisky market and
our importer’s desire to reduce its inventories. Sales of Gautier
were up.
In the United States, second-quarter sales were
down 12.5%, with contrasting performances from the Strategic
Brands, notably a slowdown in imports of Marie Brizard, despite
growth in the local market, and an upturn in Sobieski shipments
following an increase in inventories of certain formats however in
a market which remains competitive and challenging for the
category.
In Brazil, after a strong start to the year,
second-quarter sales were down 2.6% on 2023, mainly due to the
weaker performance of the Flagship Regional Brands. The improvement
in revenues from Agency Brands and Strategic Brands, in particular
Marie Brizard, was not enough to offset the slowdown in activity of
Local Brands.
The Americas export region recorded a 27.7%
decline in revenues in the second quarter, with a slowdown in
activity for Strategic Brands, notably Gautier in Canada.
Finally, the Asia-Pacific region saw a
substantial 46.7% decline in the second quarter, particularly in
Korea, Taiwan and Australia, with a drop in Marie Brizard sales,
partly offset by a better performance from Gautier in Japan and
Australia.
Outlook
2024 is a year of significant challenges and
opportunities. While we continue to evolve in a complex global
economic environment, the downward trend in the wine and spirits
markets was confirmed by sales activity at the end of the first
half of 2024, both in France and internationally in the main
geographical areas in which MBWS operates.
Against this backdrop, the Group’s focus remains
on our strategic development priorities, which are essential to
support our investments for sustainable growth.
Innovation and
Expansion:
Against this backdrop of contracting markets,
continued innovation and diversification of our product portfolio
represent a means of overcoming these constraints. The introduction
of new products (such as Sobieski vodka grapefruit flavour, San
José tequila coffee taste, Marie Brizard's Aperitivo or the BIB
format for William Peel and Sobieski in France) and a focus on
innovative products designed to attract a more diversified customer
base lie at the heart of our strategy. These initiatives are
designed to respond to changing consumer preferences and maintain
our position as market leader.
Geographic expansion also remains a key
priority, despite the current difficulties in the export market,
with a particular focus on emerging markets in Asia and Africa. By
expanding our international presence, we are looking for growth
drivers to compensate for the maturity of traditional markets in
Europe and North America. This expansion is essential if we are to
diversify our sources of income and capture new growth
opportunities.
Cost management and
resilience:
Following the high levels of inflation observed
over the last two years and the price rises implemented in our
sector, we are seeing a decline in consumption against a backdrop
of concerns about consumer purchasing power, with prices gradually
normalising at a high level.
Proactive management of production and overheads
costs remains a priority in the face of these persistent
inflationary pressures. By implementing effective cost-control
strategies, including targeted Capex investments, we aim to
safeguard our profitability while continuing to offer high-quality
products at the right prices. Resilience in the face of economic
and commercial challenges is central to our approach, enabling us
to move forward in an ever-changing environment.
Sustainability and Social
Responsibility:
We continue to integrate sustainable practices
throughout our operations. Investments and initiatives to reduce
our environmental footprint are a crucial element in meeting
consumer expectations and increasing environmental regulations. Our
commitment to Corporate Social Responsibility (CSR) is reflected in
concrete actions to promote the sustainability and well-being of
the communities in which we operate.
Despite limited visibility, the Group is staying
the course by rigorously managing its operations and targeted
commercial offers. It is therefore continuing to implement its
roadmap, namely organic growth through the international expansion
of Strategic Brands, local development of Flagship Regional Brands,
growth in the Agency Brands business and development of the
Industrial Services offering, while at the same time seeking out
complementary growth opportunities.
The Group’s strength remains its ability to
offer consumers high-quality products at affordable prices,
particularly given the current economic climate.
Financial calendar
- H1 2024 earnings:
26/09/2024
- Q3 2024 revenues:
24/10/2024
Investors and shareholders relations contact
MBWS Group
Emilie Drexler
Relations.Actionnaires@mbws.com
Phone : +33 1 43 91 62 40 |
Press contact
Image Sept
Claire Doligez - Laurent Poinsot
cdoligez@image7.fr – lpoinsot@image7.fr
Phone : +33 1 53 70 74 70 |
About Marie Brizard Wine &
Spirits
Marie Brizard Wine & Spirits is a Group of wines and spirits
based in Europe and the United States. Marie Brizard Wine &
Spirits stands out for its expertise, a
combination of brands with a long tradition and a resolutely
innovative spirit. Since the birth of the Maison Marie Brizard in
1755, the Marie Brizard Wine &
Spirits Group has developed its brands in a spirit of modernity
while respecting its origins. Marie Brizard Wine & Spirits'
commitment is to offer its customers
brands of confidence, daring and full of flavours and experiences.
The Group now has a rich portfolio of leading brands in their
market segments, including
William Peel, Sobieski, Marie Brizard, Cognac Gautier and San José.
Marie Brizard Wine & Spirits is listed on Compartment B of
Euronext Paris
(FR0000060873 - MBWS) and is part of the EnterNext PEA-PME 150
index.
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