WINES & SPIRITSGOOD HALF YEAR FOR THE CHAMPAGNE BUSINESS; WEAK DEMAND FOR HENNESSY
Hennessy
Revenue €3,181m -3% vs H1 2022(1)
Profit from recurring operations €1,046m -9% vs H1 2022
Operating margin 32.9%
(1) With comparable structure and constant exchange rates.
Hennessy
The Wines & Spirits business group recorded a slight revenue decline (3% organic) in the first half of 2023, when compared to a particularly strong first half of 2022. Profit from recurring operations was down 9%.
The Champagne business recorded an increase in revenue over the half year, driven by its value-based strategy. Hennessy cognac was impacted by the economic environment in the United States and by the continued high stock level of its retailers. Among Provence rosé wines, LVMH acquired the prestigious, world leading domain Minuty, and Château d'Esclans stepped up its international expansion. The Joseph Phelps Vineyard, one of the most renowned wine properties in Napa Valley, California, was included in the first half accounts for the first time. Glenmorangie whisky and Belvedere vodka continued to show strong momentum in innovation.