Champagne group Laurent-Perrier has reported sales growth of 3.1%, to €301.8 million, in its 2022-2023 financial year, driven by the group's value policy implemented over the last few years.
However, its sales volume declined by 7.4% year-on-year despite witnessing volume growth.
During the period from 1 April 2022 to 31 March 2023, the global champagne market recorded a decline in volume of 2% compared to the same period in 2021-2022, the champagne group noted.
Commenting on the annual results, Stéphane Dalyac, chair of the management board said, "The Laurent-Perrier Group recorded an increase in its results, the fruit of the efforts made in recent years on the value policy, which has contributed to significant price/mix effects for several years.
"The Laurent-Perrier Group is thus staying on course with its strategy, relying as ever on the quality of its Champagne wines, the quality of its teams, the strength of its brands and the mastery of its distribution."
Laurent-Perrier noted that the growth recorded in the first half of the year (+12.4%) necessitated the implementation of an allocation management policy to preserve the future and the quality of the wines, which impacted sales in the second half of the year.
The group saw operating margin up by a record 28.1% at current exchange rates, while net profit stood at €58.5 million at current exchange rates, representing 19.4% of its consolidated sales.
Operating cash flow for the financial year rose by €57.8 million over the year, driven by business growth and tight control over working capital requirements.
The company will continue to execute its 2021-2025 business plan despite an uncertain geopolitical and economic environment.
Laurent-Perrier is a family-owned group of champagne houses dedicated exclusively to champagne and focuses on the top end of the market.
It offers a broad portfolio of products, including Laurent-Perrier, Salon, Delamotte, and Champagne de Castellane brands.