The Board of Directors, which met on 9 July chaired by Jérôme François, examined the accounts at 30 April 2014 which will be submitted for the approval of the General Meeting, at which a dividend of €0.6 per share will be proposed, plus an exceptional dividend of €0.2.

Activity on a like-for-like basis: + 8.3%

This growth, which is much higher than the targets announced, has been achieved despite a negative exchange rate effect of around €6m for the Group, without which it would therefore have reached €180m in turnover.

Solid though divergent performances on the wine casks market: + 0.9%

Growth in activity was limited by the low French harvest while the US market recorded its third consecutive year of double-digit growth.

Other geographical regions are fluctuating in response to a global wine market whose production is undergoing highly contrasting changes.

Continued strong performance from the spirits market: + 32%

Scottish activities have defied expectations to amplify the growth trend seen over recent years, as part of an unrelenting growth cycle for whiskies.

General growth in margins

Contributions by the Group's two largest markets were positive in terms of changes in operating margin. Only financial expenses linked to exchange rates hampered growth in net profits.

Debt again fell sharply, to €16m compared with €26m in 2013.

2014/2015: Growth and profitability

Activity targets have been kept high for the new financial year, which began with the acquisition in rapid succession of two family cooperages in the south-west of France, MAURY & Fils and BERGER & Fils.

Organic growth and external growth, which are set to continue this year, could contribute to turnover of almost €185m.

The margin objective is to maintain EBIT above 20% of turnover.