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FRANCE: Pernod Ricard eyes FY profits growth

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Pernod Ricard has said it expects like-for-like operating profits to grow by between 1% and 3% for its fiscal full-year.

Pernod set guidance ahead of its annual general meeting in Paris today (2 November).

"Given a start to the year in-line with the group's expectations," said CEO Pierre Pringuet, the group is "targeting 2009/10 organic growth in profits from recurring operations of between +1% and +3%, with an increase in advertising and promotion investment behind strategic brands".

The guidance, which covers the 12 months to the end of June 2010, is lower than last year's 4% rise in organic operating profits. Analysts believe last year's figure was boosted by cuts in advertising spend in the second half of the year.

Last month, Pernod Ricard reported a lower-than-expected sales slip in the first quarter of its current fiscal year.


Sectors: Spirits, Wine

Companies: Pernod Ricard, Ricard

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