Vranken Pommery : H1 results undershot expectations. Better outlook for H2
>H1 underlying operating profit halved to € 2.9m, dragged down by employee benefit commitments - Based on reported sales of € 79.4m, down 8.2% of which -13.7% for champagne, Vranklen-Pommery reported yesterday evening underlying EBIT that was below our forecasts: € 2.9m vs € 5.5m estimated, down 50%. The underlying operating margin dropped 290bp to 3.3% while the gross margin rose 500pb to 42%. The group deliberately reduced its grape purchases to favour quality grap...Vranken-Pommery Monopole is engaged in the production, marketing and distribution of alcoholic beverages, primarily champagne, porto and pink wine (Rose). Co.'s brands are Pommery, Vranken, Heidsieck & Cdeg Monopole and Charles Lafitte for champagne; Sao Pedro, Rozes et Terras do Grifo for Porto; and Listel and Chapelle Gordonne et Billette for pink wine (Rose). Co.'s activities can be divided into three segments: Vineyard which focuses on managing Co.'s vineyard and wine-producing activities; Production of champagne, porto and pink wine; and Distribution and Marketing of products.
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