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Family business roundup: Growth for Remy Cointreau, JCB, LVMH, DKSH; profits dip at Exor

A number of European family businesses post good results, including Remy Cointreau and LVMH. But profits take a hit at Exor.

A number of European family businesses post good results, including Remy Cointreau and LVMH. But profits take a hit at Exor.

Remy Cointreau
Remy Cointreau – controlled by the Heriard Dubreuil family – said revenue was up 16.3% to €1.2 billion in its financial year the end of March. It is its second year in a row of double-digit growth, after achieving revenue growth of 13% in fiscal 2011.

Double digit growth was recorded in the US and Asia, while sales in Europe remained stable.

Non-family chief executive Jean-Marie Laborde, said: "This performance confirms the group's strategic orientation initiated over the last few years. Our results were driven by the move upmarket of the entire brand portfolio."

Exor, the holding group that controls Fiat, said consolidated profit fell 21% to €398.2 million in 2012.

The Agnelli family-controlled group said the fall was due to an unusual gain recorded in 2011 when Fiat started consolidating partner Chrysler Group. Dividends from investments also fell by €10.2 million, and expenses increased by €6.4 million.

Construction equipment manufacturer JCB said revenues were almost flat in 2012 at £2.7 billion (€3.2 billion), with gross profits rising just under 3% to £365 million.

JCB performed well in Africa with sales doubling, and increasing by 20% in the Americas, and 12% in Middle East.

Second-gen JCB chairman Sir Anthony Bamford said: “In view of the continued fragility of the global economy, which has led to renewed slowdowns in emerging and developed markets, JCB’s results in 2012 are extremely encouraging."

Bernard Arnault's luxury-goods group LVMH has posted revenue increases of 6% to €6.9 billion in its 2013 first-quarter results.

Its selective retailing division – comprised of the Sephora makeup chain, the DFS Group duty-free chain and Le Bon Marche Paris department stores – had the strongest revenue growth at 16%, followed by the wines and spirits division at 6%.

LVMH said in a statement: "In an economic environment which remains uncertain in Europe, LVMH will continue to focus its efforts on developing its brands, will maintain a strict control over costs and will target its investments on the quality, the excellence and the innovation of its products and their distribution."

Swiss trading house DKSH said net sales rose 20.5% in 2012 to CHF 8.8 billion (€7.2 billion), with operating profit jumping 16.7% to CHF 277.3 million.

Fourth-gen chairman Adrian Keller said in a statement: "2012 was a landmark year for DKSH. Taking the company public was another milestone in our history."

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