(AOF) – Company specializing in cooperage and wine corking, Oeneo, recorded an 8.7% drop in revenue in the second quarter to 77.6 million euros. It fell 8.1% at constant exchange rates. This decline is explained by the 15.9% drop in revenues from its “Capping” Division to 43.6 million euros. Oeneo specified that this decline “remains mainly focused on entry-level and mid-range corks, more sensitive to the inflationary situation”. The company adds that this economic decline is amplified by occasional destockings.
The Livestock activity (barrels) saw sales growth of 2.7% to 34 million euros. It increased by 4% at constant exchange rates.
“This drop in turnover negatively affects the half-yearly current operating margin, which is also still impacted by a higher cost of raw materials (wood and cork) than the previous year,” warned the group. It should therefore be around 13% compared to 16.8% in the first half of 2022-2023.
Even if visibility still remains uncertain, the group anticipates a better-oriented second half, with a return to growth in the fourth quarter, thanks to a more favorable basis of comparison and the end of stock adjustments in distribution channels.
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