FRANCE: Pernod Ricard FY profits creep up
- Shares rise after profits nudge upwards
- Martell, Jameson lead organic sales rise
- Group hails solid year
Pernod Ricard shares jump on FY announcement
Net profits for the 12 months to the end of June crept up to EUR951m (US$1.2bn), Pernod Ricard said today (2 September). The Absolut vodka and Jameson whiskey owner's share price subsequently rose by 5% on the Paris Stock Exchange.
Unfavourable currency rates dragged Pernod's results down on a reported basis. Profits from recurring operations fell by 1% on the previous year, to EUR1bn. However, on a like-for-like basis, which excludes currency fluctuations, the figure represented a 7% rise on the prior year.
Net sales, as previously announced, rose by 2% on a like-for-like basis, to EUR7bn. The firm benefited from a recovery in several markets in the second half of the year and sales rose by 3% in the fourth quarter. Sales were driven by Martell Cognac's performance in Asia and Jameson whiskey. Both of these brands increased value sales for the year by 12%.
Pernod did not issue profits guidance for the new fiscal year, although the firm usually holds back on this until its Annual Shareholders Meeting in the autumn. This will be held on 10 November.
"Our priorities for the 2010/11 financial year remain the development of our premium strategic brands, a continuing strong marketing investment level, and the reduction in group debt,” said group CEO Pierre Pringuet.
During the year, the Beefeater gin and Glenlivet distiller cut its net debt to EBITDA ratio from 5.4 times to 4.9 times.
To read just-drinks comment on Pernod's results, click here.
For the full announcement, click here.
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