French champagne maker Lanson-BCC has blamed a “major global economic slowdown” for a 27.7% dip in first-half profits to €4.2 million.
Lanson said that net sales were down 14.7% to €93 million and operating profits slipped 13.7% to €11.55 million.
Nonetheless, Lanson described the results as “positive” and said that that the results were distorted by a “particularly dynamic” first-half in 2011.
"The group's results for the first half of the year are positive, whereas the economic climate and the usual seasonal patterns for champagne wine sales are not favourable," said the firm statement.
“The level of consumption at the end of the year will be decisive. In view of the weakness of the global economy, the group is maintaining a cautious approach in terms of its prospects for the full year."
