FRANCE: Pernod beats profit forecast for 2002
The group's wine & spirits division generated sales of €3.4 billion in 2002, up 78%, the company reported. Some €1.4 billion of this total was attributable to Seagram brands, Pernod said, while €2 billion came from the company's existing brands, representing organic growth 4.5%.
Organic growth in operating profit from wines and spirits stood at 7.5%. Overall, wines and spirits operating profit rose by 106% to €710m, against analysts' forecasts for around €695m.
Pernod said the operating margin of the wines and spirits division reached 20.8%, higher than the target figure announced in early-2002, which it believes is a reflection of the successful integration of the Seagram businesses.
"The group's remarkable performance in 2002 fully confirms the logic of the strategy initiated with the acquisition of Seagram's brands," said Pernod's chairman, Patrick Ricard. "We look forward with confidence to the growth of the business and indeed 2003 has started strongly, but in the uncertain geopolitical and economic situation, we will reserve guidance on performance to the shareholders’ meeting”.
The company had previously announced a rise in turnover of 6.1% to €4.835 billion. The 2002 results were ahead of analysts' forecasts which had been for net profit of around €384m and operating profit of €730m.
As Pernod Ricard, Allied Domecq and Fortune Brands close in on the biggest drinks industry deal since the sale of Seagram, opinion about how the deal will be structured and who stands to win and lose ...
Maxxium Worldwide could come under pressure if Pernod and Fortune's Allied Domecq bid is successful, according to press reports today (14 April)....
It's been a quiet day on the Pernod/Allied Domecq front....
Conflicting reports circulated this weekend over whether Bacardi International is looking to form a counter-bid for Allied Domecq....
Todays press reports into Pernod and Fortune's hopes to buy Allied Domecq warn of possible conflicts and set a date for completion....
Pernod Ricard and Fortune Brands are considering a US$13 billion bid for Allied Domecq, the world's second-largest spirits company. Were it to take place, Pernod and Fortune would split Allied's brand...
Pernod Ricard and Fortune Brands are hoping to buy Allied Domecq for around 670p per share, according to press reports....
The US consumer goods group Fortune Brands has confirmed it is in talks about launching a joint bid with Pernod Ricard for Allied Domecq....
- SABMiller & Meantime: Notes for the New Owner
- Are Coca-Cola, A-B InBev at a FIFA Crossroads?
- Comment - How to Target Cognac's Mok Generation?
- Focus - The Prosecco shortage that isn't
- Interview - Illva Saronno CEO Augusto Reina
- Whyte & Mackay takes on Flor de Caña in UK
- Diageo takes Baileys, Gordon's marketing in-house
- Carlsberg cuts 180 staff
- Suntory to buy Japan Tobacco beverage unit
- Mixto Tequila poised for "golden age"
- Global Tequila insights - market forecasts, product innovation and consumer trends research
- Africa: The Final Frontier for Beer
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends research
- Global rum insights - market forecasts, product innovation and consumer trends research
- Diageo plc (DGE) - Financial and Strategic SWOT Analysis Review