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Rmy Cointreau sees profits increase

Published:  23 July, 2008

French wine and spirits company Rmy Cointreau has seen operating profits increase by 3.8% over the last 12 months.

In its statement for the 2007/08 financial year, the company said operating profit was 159.6 million while turnover stood at 817.8m.

The group will pay investors a dividend of 1.30, an increase of 8% on last year's figures.

Full publication of results would be postponed until July 30 given Rmy Cointreau's split from distribution company Maxxium.

A statement read: "The board of directors of Maxxium Worldwide B.V. (a distribution joint venture in which the Rmy Cointreau Group has a 25% shareholding and consolidated using the equity method), met in Amsterdam on 19 June 2008 but was unable to approve Maxxium's financial statements.

"In the context of Rmy Cointreau's exit from Maxxium on 30 March 2009 and with the likelihood of Vin & Sprit also leaving the network due to its acquisition by Pernod Ricard, which is currently under negotiation, no consensus was reached between the four shareholders on the value, at 31 March 2008, of the goodwill initially recognised in Maxxium's financial statements on its incorporation in 1999."