Pernod in black but cutting growth

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The owner of Mumm champagne, Martell Brandy, Jameson whiskey and The Glenlivet malt said sales had slowed down in Eastern Europe, duty free markets and across the bars and pubs trade in its third quarter.

Pernod is now looking for annual, like-for-like growth of between 3% and 5% down from its previous forecast of 5% to 8%. But it is sticking to its prediction that profits will rise by double digits and exceed €1 billion for the first time.

That allowed it to set the terms of a €1.04 billion fund raiser selling three new shares for 17 existing ones at a price of €26.70, representing a 37% discount to last night's closing price of €41.52.