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Oeneo: record annual turnover

(AOF) – Oeneo gained 0.7% to 14.6 euros after the publication of solid sales in the fourth quarter, which ended at the end of March. The turnover of the manufacturer of corks for wine and barrels for wine and whiskey stood at 90.5 million euros, up 18.7%. The group indirectly controlled by Rémy Cointreau benefited from the very good growth momentum in Closures and the confirmed return to a more buoyant activity in Livestock, after several quarters disrupted by the health crisis and weather conditions.

Over the whole of the 2021-2022 financial year, revenue reached 326 million euros, an increase of 19.5% compared to the previous financial year and 12.2% compared to the financial year 2019-2020.

The group thus easily exceeded the 300 million euro turnover mark for the first time.

Oeneo emphasizes that “this very good level of activity will help to mitigate the impact on the current operating margin of inflationary pressures affecting raw materials, production and logistics costs”. The latter should thus remain at a level above 16% of turnover.

Midcap confirmed its Hold recommendation and raised its price target to 15.5 euros on the Bordeaux group. The broker welcomed a very solid fourth quarter and above its expectations which led it to raise its scenario and its price target.

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