Campari: third year of double-digit earnings growth

(CercleFinance.com) - Campari was by far the biggest riser on the Milan Stock Exchange's MIB index on Tuesday, after reporting a third consecutive year of double-digit organic earnings growth in 2023.


The spirits group, which notably owns the Aperol Spritz, Espolon and Wild Turkey brands, explained that its performance last year was mainly driven by buoyant sales of aperitifs, tequilas and bourbon.

In geographical terms, business was buoyed by the US, key European markets and Asia.

Over FY 2023, organic sales growth reached 10.5%, well above the consensus of 9.9%.

Adjusted Ebitda rose by 25% on an organic basis last year to E728.9m.

Campari remains confident of outperforming the sector in FY 2024, despite the normalisation of the economic environment.

However, it expects an unfavourable comparable effect in Q1, after the price increases that characterised the beginning of 2023.

Despite these reservations, the share was up 6.2% early Tuesday afternoon on Euronext Milan.


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