Laurent-Perrier

Financial Press Release - Half-year results 2023-2024

Laurent-Perrier Group        Tours-sur-Marne, 24 November 2023

Financial press release
Results for the first six months of the 2023-2024 financial year

Laurent-Perrier: further growth in results.

The financial statements for the first six months of the 2023-2024 financial year to 30 September 2023, were approved by the Management Board on 21 November 2023 and examined on the same day by the Supervisory Board, chaired by Mr Patrick THOMAS.

The main audited consolidated financial data:

In millions of Euros At 30 September 2023	1st 6 months Financial Year 2022-2023 (1 April 2022 - 30 September 2022)	1st 6 months Financial Year 2023-2024 (1 April 2023 - 30 September 2023)	Change vs FY N-1
Champagne sales	159.3	153.4	-3.7%
Group turnover	159.4	158.4	-0.6%
Operating profit	53.1	57.4	+ 8.1%
Operating margin % (*)	33.3%	37.4%	+ 4.1 pts
Net profit - Group share	36.9	38.6	+ 4.7%
Earnings per share (in Euros)	6.24	6.52	+ €0.28
Operating cash flow (**)	+ 30.7	-13.1	- €43.8m

* 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, said:

"After two years of strong growth, the Laurent-Perrier Group announces a further increase in its results in a market context that is down on the last two years. Thanks to investments in support of our brands and the quality of our Champagnes, we are once again seeing a favourable price/mix effect.
The Laurent-Perrier Group is thus maintaining the course of its value strategy by continuing to rely on the quality of its champagnes, the strength of its brands, the commitment of its teams and the control of its distribution. " 

Change in turnover:

During the period from 1 April 2023 to 30 September 2023, the champagne market recorded a decline in volumes shipped of -11.8% compared with the previous year, although the latter was a high basis for comparison. This decline reflects a return to normal consumption levels after the sharp rise seen in the post-Covid period.