PARIS (Reuters) – Remy Cointreau raised its full year profit outlook after reporting a stronger-than-expected 104.5% organic jump in first-half operating profit, driven by strong demand for its premium cognac in China, the United States and Europe.

Concerning the 2021/22 fiscal year, Remy Martin and Cointreau cognac makers stated that it expects “very strong organic growth” in its operating profit. The company previously said it intended to achieve strong organic growth.

Additionally, the company remains confident in its ability outperform exceptional spirits markets and reiterates its outlook for strong organic sales growth for the full year.

Current operating profit of the Group for six months ended Sept. 30, at 212.9 million Euros ($238.8 Million), representing an organic growth rate of 104.5%.

This outperformed the company’s consensus of 22 analysts, which forecast an operating profit of 168.1 millions euros.

The Remy Martin cognac section saw an increase of 101.9% in operating profit. It accounted for nearly 90% of the group’s profit.

Remy Cointreau was last year the most affected by the COVID-19 crises, along with other premium spirits producers. However, Remy had reported an organic 52% increase in its first half sales.

As COVID-19 restrictions around the globe were eased, this resulted in a high demand for bars and restaurants to rebound and a resilient consumption by people who drink at home.

($1 = 0.8917 euros)