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Jeanjean results beat expectations

03-Apr-2003

Jeanjean, the leading producer of wines from the south of France, has announced a 9.7 per cent increase in turnover for 2002 to €136.2 million, ahead of its own expectations.

The company, which produces and markets wines from Languedoc Rousillion, Provence and the Rhône valley, said that operating profits increased by 6.3 per cent in 2002 to €5.26 million, while net profits were ahead by 17.2 per cent to €2.27 million.

 

Jeanjean has focused its efforts on creating a range of quality wines with strong brand identities, such as Jeanjean, Caves des Papes, Ogier et Fils and Clos de l'Oratoire des Papes.

 

"Higher sales of more expensive wines has naturally led to higher margins, allowing the company to cover the cost of its new restructuring programme," Jean said in a statement.

 

This programme is designed to streamline the company's business and improve operating efficiencies. Also under this programme, Jeanjean said it would acquire a number of vineyards in the south of France during the first half of fiscal 2003, helping it to reinforce its position as the leading supplier of wines from that part of the country.

 

Net profits for 2003 are expected to show double-digit growth as a result of the expansion of the company's vineyard holdings.