FRANCE: Pernod Ricard hails 2011/12 as best year since 2007/08
- FY net profit rises by 9% to EUR1.17bn (US$1.47bn)
- Net sales for year to end of June up by 7% to EUR8.22bn
- Operating profits increase by 11% to EUR2.11bn
- France only negative, as all regions deliver sales growth
Pernod Ricard issued its FY results earlier today
Net profits rose by 9% to EUR1.17bn (US$1.47bn) in the 12 months to the end of June, the Paris-based company said today (30 August). Net sales increased by 7% to to EUR8.22bn and operating profits climbed by 11% to reach EUR2.11bn over the same period.
The group also today revealed details of executive changes, following the sudden death of its chairman and former CEO, Patrick Ricard, earlier this month.
Its results announcement said Asia/Rest of World remained the group's key driver, posting 15% sales growth on the back of increases in China, India, Vietnam, Taiwan and Travel Retail. Growth was also “very strong” in Africa/Middle East, Pernod said.
Americas saw 6% sales growth, and Europe excluding France 2%. France declined 1% due to a decrease in spirits consumption following a duty hike, Pernod said.
“The group recognised its best growth rates since the 2008 crisis, be it for the top or bottom line,” said Pernod CEO Pierre Pringuet.
“This is the result of a clear and constant strategy: substantial investments in our brands, innovation, premiumisation and geographic expansion. This performance also derives from a unique, decentralised organisation founded upon the motivation and the accountability of men and women, that Patrick Ricard bestowed upon us.”
The group's whisky portfolio performed well, with Jameson posting a 15% increase in volumes. Chivas (7%) also saw volumes rise alongside Royal Salute (20%) and Glenlivet (15%).
Pernod said “premium” brands accounted for 73% of group sales, compared to 71% last year.
Looking ahead, Pernod said it is confident of future growth because of its “leading positions in the most promising emerging markets”. The US and emerging markets should experience growth, it said.
Pringuet added: “Despite the economic uncertainty, we are confident in the group's ability to deliver solid growth this year as well".
Pernod will reveal its earnings targets for the year ahead when it delivers its first-quarter results on 25 October, the group said.
To read last year's full-year results, click here.
To read details of Pernod's press conference today, click here.
To read an analysis of the results, click here.
To read the company's official release, click here.
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