Aperol-maker Campari sees total sales reach €2.9bn for the year

Campari's operating profit reached €619m last year, boosted by price increases.

Demand for Aperol, tequila, and whiskey helped the Italian spirits group Campari to deliver higher operating profit last year as it prepares for a change of chief executive and to digest its largest ever acquisition. 

Net sales rose organically by 10.6% in the fourth quarter, mainly thanks to the good performances in the US and Northern and Central Europe.

Total sales for the year reached €2.9bn. 

Campari's operating profit reached €619m last year, boosted by price increases. 

Shares in the group rose as much as 7%, with traders saying the profit beat expectations and taking reassurance from the company's outlook for 2024. 

Despite economic slowdowns putting the brakes on worldwide demand for spirits after a post-pandemic boom, the Italian group said it was optimistic about this year. 

"I remain confident in the strong business momentum across key brands and markets," said Matteo Fantacchiotti, who was appointed deputy CEO last year and will succeed current Bob Kunze-Concewitz who steps down in April after almost 17 years at the helm.

The group agreed in December to buy historic French cognac house Courvoisier for €1bn  marking a big push into brandy and hopes to finalise the deal by the third quarter. 

Mr Kunze-Concewitz said more mergers and acquisitions could follow that deal. 

"We have the appetite and also the capacity," he said. 

The group's brands include the Aperol aperitif, Espolon tequila, and Wild Turkey whisky.

It sees the price trend for agave, which is used to make tequila, and a slowdown in inflation having a positive impact on the business in the second half of the year, partially offset by incremental fixed production costs. 

• Bloomberg