The latest results show that Remy Cointreau's revenues in the three months to the end of March were just 0.7 per cent lower than a year earlier, rather than the 3.5 per cent decline expected. Its full-year organic sales were €1.19 billion, down 19.2% from the same period last year.

The company noted that while full-year sales figures were weak, they were up 16 per cent on the last pre-coronavirus financial year. A key factor in the improved performance was the significant growth in the Chinese market, which drove the Cognac division's performance well above expectations.

Cognac is the largest category of imported spirits in China, where the group has a leading market position. Cognac sales were forecast to grow by just 0.5% in the quarter, but actually grew by 15.4%. This surprised analysts as Cognac's main rivals in the Chinese market, Pernod Ricard and LVMH, have both recently reported weak sales during the peak Chinese New Year season.

Globally, the group's cognac sales were still 25 per cent lower than in the previous financial year.