Laurent-Perrier : Financial Press Release - Annual results 2023-2024
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| Laurent-Perrier Group | Tours-sur-Marne, 24 May 2024 |
Financial press release
Results for the financial year 2023-2024
Further growth in earnings, underpinned by recognised quality
The financial statements for the 2023-2024 financial year, which ended on 31 March 2024, were approved by the Management Board on 21 May 2024 and reviewed on the same day by the Supervisory Board, chaired by Mr Patrick THOMAS.
The main audited consolidated financial data:
| In €M | Financial year | Financial year | Change vs FY N-1 |
| Champagne sales | 301.8 | 303.5 | + 0.5% |
| Group turnover | 307.8 | 312.5 | + 1.5% |
| Operating profit | 84.9 | 95.1 | + 12.0% |
| Operating margin % (*) | 28.1% | 31.3% | + 3.2 pts |
| Net profit - Group share | 58.5 | 63.6 | + 8.7% |
| Earnings per share (in Euros) | €9.90 | €10.74 | + €0.84 |
| Operating cash flow (**) | + 57.8 | + 0.9 | - 56.9 |
* Margin calculated on champagne sales only
** Cash flow from operations - net investments
Commenting on the half-year results, Mr Stéphane Dalyac, Chairman of the Management Board, stated:
"The Laurent-Perrier Group recorded further growth in its results in a market context that was down on the previous two years. The investments in support of our brands that we have been making for several years, and the quality of our Champagnes, have enabled us once again to achieve a significant price-mix effect and, for the second time, to report Champagne sales in excess of 300 million euros.
The Laurent-Perrier Group is thus maintaining the course of its strategy by continuing to rely on the excellence of its Champagnes, the quality of its teams, the strength of its brands and the control of its distribution."
Change in turnover:
During the period from 1 April 2023 to 31 March 2024, the global champagne market recorded a volume decline of -11.8% compared to the year N-1.
Against this backdrop, the Group saw its sales volumes fall by 12.4% year-on-year over the same period. Despite this, Group turnover (champagne sales) for the year rose by +0.5% to €303.5 million at current exchange rates. This performance is due in particular to the value policy implemented in recent years, with a positive price/mix effect of +13.0% vs. year N-1.
Change in profit:
During the period from 1 April 2023 to 31 March 2024, the Group continued to invest in long-term brand support (including the launch of an advertising campaign for its Grand Siècle champagne in a number of countries) and business development. This investment in sales enhancement contributes to the strength of the brands and the price/mix effect. All these factors helped to boost the Group's operating margin to a record 31.3% at current exchange rates.
The Group share of net income also increased significantly. At current exchange rates, it stands at €63.6 million, representing 20.3% of the Group's turnover.