Marie Brizard Wine & Spirits: H1 2022 revenues
Charenton-le-Pont, 28 July 2022
H1 2022 revenues
MBWS posts first half revenues of €86.4m,
up 5.9% versus H1 2021.
- Solid
first half 2022 performance in France despite an overall slowdown
in the spirits market (sales up 2.5% versus H1 2021, up 1%
in the second quarter), mainly driven by:
- a sharp improvement
in on-trade business compared to first half 2021, when bars and
restaurants were forced to close due to COVID regulations;
- a relative market share gain for
William Peel amid a decline in the under-12-year blended whisky
market;
- significant growth among other
portfolio brands, particularly Marie Brizard, in both on-trade and
off-trade markets.
- Continued
growth in international sales (up 9.2% versus H1 2021), reflecting
contrasting trends across regions:
- continued recovery
in Europe, particularly in the UK, after the health restrictions of
2021 and despite the Russia-Ukraine conflict, which led to a
limited decline in nearby export markets;
- strong performances across all of
the Group’s strategic brands, particularly Marie Brizard and
Gautier, in Canada, South Korea, Australia and Poland;
- decline in US sales of Sobieski
vodka in a highly competitive market segment.
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 second quarter of 2022,
covering the period from 1 April to 30 June 2022, and the first
half of 2022.
H1 2022 revenues
€m |
H1 2021 |
LFL change |
Currency impact |
H1 2022 |
LFL change(excl. currency
impact) |
Reported growth (incl. currency impact) |
France |
39.1 |
+1.0 |
- |
40.1 |
+2.5% |
+2.5% |
International |
41.9 |
+3.8 |
+0.6 |
46.3 |
+9.2% |
+10.6% |
TOTAL MBWS GROUP |
81.0 |
+4.8 |
+0.6 |
86.4 |
+5.9% |
+6.7% |
Q2 2022 revenues
€m |
Q2 2021 |
LFL change |
Currency impact |
Q2 2022 |
LFL change(exc. currency
impact) |
Reported growth (incl. currency impact) |
France |
19.9 |
+0.2 |
- |
20.1 |
+1.0% |
+1.0% |
International |
22.7 |
+2.6 |
+0.4 |
25.7 |
+11.6% |
+13.2% |
TOTAL MBWS GROUP |
42.6 |
+2.8 |
+0.4 |
45.8 |
+6.6% |
+7.5% |
Breakdown by cluster
France cluster
The France cluster posted first half 2022
revenues of €40.1m, up 2.5% versus H1 2021, mainly due to a
significant recovery in the on-trade business, albeit less
pronounced in the second quarter, and flat sales in the off-trade
market. As a result, overall revenue growth slowed in Q2 (1%)
versus Q1 2022.
The Group’s main brands posted a resilient
performance in the first half of 2022, particularly Marie Brizard
and San José. Other brands including Sobieski posted growth in the
on-trade business, while off-trade sales dipped slightly in the
second quarter. Despite a general slowdown in the under-12-year
blended whisky market (down 6.7% in the first half), William Peel
recorded a small decline in sales in the first half of 2022
compared to 2021, thanks to a new listing obtained in the second
half of 2021 enabling it to gain market share.
The first half upswing in France cluster sales
was impacted by severe disruption in raw material supply chains
since the beginning of March, notably due to the Russia-Ukraine
conflict and soaring raw material costs, which have particularly
affected the glassmaking industry since early April. The Group is
dealing with this situation by adopting allocation measures per
brand based on available volumes. Furthermore, sales pricing policy
adjustments across all distribution channels have been and will
continue to be necessary in order to adapt to this new volatile
environment.
International cluster
The International cluster posted H1 2022
revenues of €46.3m, up 9.2% from H1 2021 at constant exchange
rates.
In Western Europe, business in the first six
months of 2022 benefited from a strong recovery including a Q2
upturn in UK sales (particularly on-trade versus 2021), driven by a
strong performance by the Marie Brizard brand (in terms of value
and percentage of business).
Sales in Spain fell 2.9% versus H1 2021, mainly
due to a temporary decline in subcontracted operations resulting
from difficulties with glass supplies (bottles), offset by strong
growth among strategic brands (particularly Marie Brizard, Sobieski
and William Peel).
Scandinavia posted a significant increase in H1
revenues, mainly driven by Marie Brizard and Gautier, particularly
in the on-trade market in the second quarter.
Business continued to thrive in the Middle East
driven by the development of the Marie Brizard range of syrups,
which recorded significant growth in the first half.
In the Baltic States, first half revenues rose
8.8%, reflecting favourable economic conditions on the bulk market
and brand growth on the domestic market thanks to a favourable
product mix and pricing policy, despite the immediate consequences
of the war in Ukraine, which affected exports to Russia and
Belarus, albeit with an overall impact that is not deemed material
at Group level.
Bulgaria also posted strong growth throughout
the first half of 2022 (up 18.3%) across its entire brand portfolio
(wines and spirits) in both domestic and export markets (Greece,
Croatia, Serbia) as well as a sustained level of subcontracting
activity for Romania.
In Poland, Group brand sales were boosted
strongly by growth in Cognac Gautier sales and the launch of Marie
Brizard liqueurs.
US revenues for the first half of 2022 were down
versus 2021 due to the continuing decline in Sobieski sales due to
aggressive promotional strategies by competitors in the vodka
segment and ongoing pressure on sea transport capacity.
Brazil revenues fell sharply in the second
quarter of 2022 across the entire brand portfolio except for Marie
Brizard and Sobieski, due to the revision in early 2022 of the
portfolio pricing policy. The new policy has however helped to
limit the reduction in revenues.
Asia Pacific maintained revenue growth in the
second quarter of 2022, as the decline in sales in the Chinese
market was largely offset by strong performances in South Korea,
Taiwan, Japan and Australia.
Outlook
As mentioned at the 30 June 2022 General
Meeting, over the coming months, rising raw material and energy
prices and the varying availability of supplier production are
factors that must be taken into account in managing our
business.
These factors could impact the Group’s ability
to supply all of its customers (both in France and abroad)
notwithstanding the impact of higher prices on consumer demand.
These considerations are all the more pertinent in view of the
Group’s need to adapt pricing policies to the new situation and, as
such, the Group will continue to adopt a cautious stance regarding
its forecasts over the coming months.
Financial calendar
- H1 2022 results: 28 September 2022
after close of trading
Investors and
Shareholders Relations Contact
MBWS GroupEmilie
Drexleremilie.drexler@mbws.comPhone: +33 1 43 91 62 40 |
Press ContactImage
Sept Claire Doligez - Laurence Maurycdoligez@image7.fr –
lmaury@image7.frPhone: +33 1 53 70 74 70 |
About Marie
Brizard Wine & SpiritsMarie
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 and Cognac Gautier. Marie
Brizard Wine & Spirits is listed on Compartment B of Euronext
Paris (FR0000060873 - MBWS) and is part of the EnterNext PEA-PME
150
index.
- MBWS - Net Sales - H1 and Q2 2022 PR final
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