(Boursier.com) — During the first half of 2023-24, Rémy Cointreau achieved a turnover of 636.7 million euros, down -22.2% organically (i.e. +20.9% compared to the first half of 2019-20). On a reported basis, revenue fell -26.6%, including a negative currency effect of -4.4%, mainly linked to the evolution of the Chinese renminbi and the US dollar.
The deterioration of market conditions, mainly in the United States, has led Rémy Cointreau to adjust its 2023-24 annual objectives and now forecasts: a decline in turnover of between -15% and -20% on an organic basis (compared to stable previously ) and a controlled decline in the organic current operating margin (compared to stable previously) thanks to the implementation of a major cost reduction plan.
Finally, taking into account the evolution of the geographic mix and the deterioration of the renminbi, the Group anticipates an unfavorable effect of the exchange rate for the year: on turnover: between -50MEUR and -60MEUR and on Current Operating Income: between -10MEUR and -15MEUR.
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