It has been a long time coming, but Rémy Cointreau shareholders have finally found something to toast — shares of the Paris-based spirits maker jumped almost 9 per cent yesterday before trimming gains, marking the biggest intraday rise in six years.
The shortlived surge came as the family-controlled group, famous for its Rémy Martin cognac, reported a 13.5 per cent increase in operating profit on an organic basis for its business year ending in March to €156m — about 5 per cent ahead of market expectations.
Signalling its growing optimism, it also said that it expected operating margins to rise to between 18 per cent and 20 per cent by 2020, up from the 16.2 per cent that it reported yesterday.
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