Liqueurs & Spirits
The Liqueurs & Spirits division was down 3.0% in the year on an organic basis (down 1.0% on a reported basis). Changes in the distribution network in Europe and the impact of the pandemic on the business in the Asia-Pacific region in the fourth quarter masked very strong performance in the United States, buoyed by the success of Cointreau, The Botanist and the Group’s portfolio of single malt whiskies.
The House of Cointreau delivered another year of strong growth in the United States. The “Cocktail Show” events platform supported this trend, establishing the brand at the heart of classic cocktails like the Margarita, the Sidecar, the Cosmopolitan and the Cointreau Fizz. Sales at the House of Metaxa declined over the period, mainly due to the change of distributors in Central Europe and Germany. Sales of St-Rémy also slowed down over the period despite a strong end to the year in Canada and successful brand marketing activities in the United States. The decline in sales of Mount Gay was mainly due to a deliberate slowdown in shipments ahead of the brand’s relaunching in 2020/21. The Botanist enjoyed another year of strong growth, buoyed by the brand’s expansion in the United States and Asia Pacific. Lastly, the Whisky business unit benefited from strong momentum in the single malt category, particularly in the United States.
Current Operating Profit totalled €37.5 million, down 3.5% on a reported basis, while the current operating margin came in at 14.3% (down 0.4 percentage point), hit by declining volumes and continued strategic investment.