Vranken Pommery : Underlying operating profit 2020 below forecasts. No dividend this year but outlook relatively encouraging
>Underlying operating profit of € 18.6m vs € 20.3m and € 20.5m for the consensus - Vranken Pommery yesterday evening reported its 2020 results. Underlying operating profit was € 18.6m, 8% below forecasts (€ 20.3m est. and € 20.5m for the consensus) and down 23.5% for 2020 sales at € 244m (-11.1%, of which -12% for champagne). The margin deteriorated by 130bp to 7.6% despite the € 7.5m reduction in payroll charges, of which € 2.1m linked to government-backed support me...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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