Codorniu - back in the black

Europa Press reported this week that major Cava and still wine producer Codorníu has announced a return to profitabilty in the most recent fiscal year (June 2006 to July 2007). Invoicing rose by 11% from the previous year to 221 million euros. The net profit was 38 million euros, aided by the sale of their downtown Barcelona headquarters to a hotel group. The previous fiscal year included the costs of a restructuring program resulting in a net loss of just under 1 million euros.

35% of sales this past fiscal year came from export markets, led by the UK (35% of the group's exports) and the US (22%). Export sales rose by 10% for the period and domestic sales by 12% for the year. Leading the rise were the brands of Legaris (D.O. Ribera del Duero), La Vicalanda from the Bodegas Bilbainas winery (D.O.C. Rioja), Anna de Codorniu cava and Codorniu Pinot Noir cava.

Also of recent note was Codorniu's purchase of A.V. Imports of Maryland to further boost their presence in the US market.