Davide Campari-Milano has announced a positive first-half performance, with sales driven by the popularity of aperitifs, tequila, and premium bourbon. The Italian distiller reported adjusted earnings before interest and taxes of €359.7 million, a significant increase from €310.9 million in the previous year.
During the first half, sales reached €1.46 billion, reflecting a strong 14% organic growth compared to the same period last year. This growth was primarily attributed to the impressive performance of aperitifs, tequila, and premium bourbon, as well as strategic price adjustments implemented during the period.
Net profit for the period rose to €216.9 million, an increase of 9% from €199.1 million in the previous year.
Looking ahead to the remainder of 2023, Chief Executive Bob Kunze-Concewitz expressed confidence in the positive business momentum across key brand-market combinations. Kunze-Concewitz expects volume growth to normalize and seasonality to play a role in driving performance. He also emphasized the company's strong brand equity and continued strength in the on-premise market.
Despite the impressive results, Campari expects the adjusted operating margin for the year to remain flat.