Rémy Cointreau has reported annual profits are up 16.2% last year, the Group expects strong growth in the rest of the world, led by major gains in China, a very good showing in EMEA and the Rest of Asia.

The company expected flat sales and weaker demand in the American marketplace although still up on pre-pandemic levels – and it expects ‘strong growth’ in the rest of the world.

it said in the statement,“In 2023-24, Rémy Cointreau anticipates a continued strong normalization of consumption in the United States, at a level that will nonetheless remain significantly higher than in 2019-20.

“At the same time, the Group expects strong growth in the rest of the world, led by major gains in China, a very good showing in EMEA and the Rest of Asia, and business similar to levels observed in 2019-20 in Travel Retail.”

In terms of sales, it reported ‘robust growth’ in the APAC and EMEA regions, growing 7.6% on an organic basis, which was 41.3% up on 2019-20 levels, before the pandemic altered drinking consumption patterns.    It also said there was a ‘slight retreat’ in America, again highlighting changes in consumer behaviour.

Chief Executive Officer Eric Vallat said: “Rémy Cointreau had a record year, and we have increased our advance on achieving on the 2030 strategic roadmap.    This strong showing confirms the relevance of our value-based strategy, which is underpinned by a “Drink less but better” trend.    It also reflects solid gains made in achieving our four strategic priorities and the rising desirability of our brands.

“With the normalization of consumption in the United States amplified by high basis of comparison in the first half and our drive to reduce inventories we expect sales and profitability to hold steady in 2023-24 on an organic basis.    We are heading into the new year with confidence and resolve, and we anticipate a steep second-half recovery in the United States combined with a new year of buoyant growth in the rest of the world, particularly in China.”