Latest news with #SimonHunt
Reuters
08-05-2025
- Business
- Reuters
Campari posts revenues below analysts expectations, down 4%
MILAN, May 8 (Reuters) - Italian spirits group Campari ( opens new tab posted on Thursday a 4% organic decline in net sales in the first quarter, below analysts' expectations. Adjusted operating profit plunged by 17% organically in the same period. "Looking forward, we confirm that our previously provided guidance for 2025 remains our target, while recognising that visibility is low," Campari Chief Executive Simon Hunt said in a statement.
Yahoo
08-05-2025
- Business
- Yahoo
Campari posts revenues below analysts expectations, down 4%
MILAN (Reuters) -Italian spirits group Campari posted on Thursday a 4% organic decline in net sales in the first quarter, below analysts' expectations. Adjusted operating profit plunged by 17% organically in the same period. "Looking forward, we confirm that our previously provided guidance for 2025 remains our target, while recognising that visibility is low," Campari Chief Executive Simon Hunt said in a statement.
Yahoo
05-03-2025
- Business
- Yahoo
Campari warns of tariffs impact, sees 2025 as "transition year"
MILAN (Reuters) - Italian spirits group Campari warned on Tuesday of the potential hit from U.S. tariffs in what it said would be a "transitional year" under its new chief executive. The spirits industry is facing a prolonged downturn in demand and concerns about tariffs, which led Diageo to withdraw its sales growth target and Pernod Ricard to cut its sales forecasts in February. The Italian group expects moderate organic growth in revenues, and operating margins to be mainly flat this year. The maker of Aperol and Campari bitters said its adjusted operating profit dropped 2.5% last year on an organic basis, in the first set of results approved under new Chief Executive Simon Hunt who took up the role only in January. The group expects the potential annual impact of 25% tariffs on imports from Mexico, Canada and Europe into the U.S. to be around 90-100 million euros before any "potential mitigation actions" which the group is assessing. U.S. President Donald Trump's new 25% tariffs on imports from Mexico and Canada took effect on Tuesday and he has also promised additional tariffs on the European Union. Campari reported a 2.4% increase at constant exchange rate in like-for-like sales, to 3.07 billion euros ($3.23 billion), a touch above analysts consensus, which expected an increase to 3.02 billion euros according to LSEG data. "Looking forward, following a transition period in 2025, we are very confident in our ability to deliver long-term sustainable outperformance," new CEO Hunt said in a statement. He added that he sees significant potential for geographic expansion, but at the same time he wants to focus on "efficiency and commercial execution while ensuring balance sheet and operating deleverage". Campari confirmed its medium-term guidance. Campari appointed Hunt as chief executive to replace Matteo Fantacchiotti, who resigned in September after only a few months in the role. ($1 = 0.9496 euros)
Reuters
05-03-2025
- Business
- Reuters
Campari pauses M&A to focus on brand growth amid US tariffs
MILAN, March 5 (Reuters) - Italian spirits group Campari ( opens new tab plans to put the brakes on M&A and focus on developing its most promising brands as it faces a hit from U.S. tariffs, its new chief executive said. The decision to effectively pause acquisitions marks a significant shift in the company's investment strategy, which in the past aimed for 50% of its growth to be powered by deals. "The main reason I've decided to pause M&A for now is our net debt... we need to continue to get that down," Simon Hunt, who took charge in January, told Reuters in a post-results interview. At the end of last year net debt was around 3.2 times the group's core profit. "I wouldn't say never, but I'd say for the next couple of years, few years, (the priorities) I see are deleverage, focus on our core portfolio and really optimize the brands that we have already acquired," he added. Campari's last major deal was the $1.2 billion acquisition of historic French cognac house Courvoisier, completed last year. The group is in the process of working through a new strategy and assessing which brands it can divest and which ones can expand in new markets, Hunt said, adding it has brands which are big in a few markets and the potential to expand in many other geographies. Among the brands which are more likely to be sold off are the ones focused on only a single market. Campari warned on Tuesday of the potential hit from U.S. tariffs in what it said would be a "transitional year" under its new chief executive who took over after his predecessor quit only a few months into the job. The group is assessing actions to mitigate the U.S. tariffs. It is still not clear how much of the price increase will be transferred to the end customer, because the price elasticity depends much on what their competitors will do, Hunt said. The manager added the group is assessing the opportunities to expand its production in the U.S. without losing the essence of its brand portfolio. "And so there's always a balance with respecting our heritage and then seeing how the environment has changed... What's the best way for us to get them there (to U.S. consumers) at the right price, at the right quality?", Hunt said.
Reuters
04-03-2025
- Business
- Reuters
Campari sees 2025 as "transition year" after adjusted operating profit slips
MILAN, March 4 (Reuters) - Italian spirits group Campari ( opens new tab said on Tuesday that 2025 will be "a transition year" after it reported a 2.5% drop in adjusted earnings last year on an organic basis, in the first set of results approved under new Chief Executive Simon Hunt. The maker of Aperol and Campari bitters reported a 2.4% increase at constant exchange rate in like-for-like sales, to 3.07 billion euros, a touch above analysts consensus, which expected an increase to 3.02 billion euros according to LSEG data. "Looking forward, following a transition period in 2025, we are very confident in our ability to deliver long-term sustainable outperformance," new CEO Hunt said in a statement.
