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FRANCE: Pernod Ricard cheers strong full-year

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  • Full-year net profits rise by 10% to EUR1.08bn (US$1.55bn)
  • Net sales up by 8% to EUR7.64bn  
  • Operating profits (from recurring operations) rise by 6% to EUR1.91bn
  • Group to continue focus on cutting debt in year ahead

 

Strong demand for spirits in Asia and Latin America, together with consumer thirst for Jameson in the US, has helped Pernod Ricard to produce solid rises in sales and profits for its fiscal year. 

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Record volume sales for key brands like Chivas Regal, Jameson, Martell and Havana Club helped Pernod Ricard to report net sales up by 8% for the 12 months to the end of June, to EUR7.64bn (US$11bn). Emerging markets, such as China and Brazil, and renewed consumer thirst for premium spirits in the US, drove higher demand for Pernod Ricard drinks during the year, it said today (1 September).

As Diageo reported last week, Pernod Ricard said that Europe remains tough. Spain dragged the group's sales in Western Europe down by 2% for the year, exluding the firm's home market of France.   

Sales momentum combined with cost savings to largely offset higher marketing spend in the year. Pernod's profits from recurring operations rose by 6% to EUR1.91bn, while net profits increased by 10% on the same period of last year, to EUR1.08bn.

In the year ahead, Pernod said that it will continue to focus on cutting debt. Its net debt to EBITDA ratio was 4.4 at the end of June and the group is targeting a ratio of "close to four" by the end of its current fiscal year.

Unlike Diageo, Pernod did not provide guidance on future sales and profits. Traditionally, the firm issues guidance at its first-quarter results, scheduled this year for 20 October. Pernod's CEO, Pierre Pringuet, said: "For 2011/12 the beginning of the financial year confirms the resilience of our markets."

For the company's announcement, click here.


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