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Absolut fabulous for Pernod
03.09.09
Wine and spirits firm Pernod Ricard, owner of Beefeater gin, Jameson Irish whiskey and Jacob's Creek wine, today reported a 13% rise in profits thanks to its takeover of Absolut Vodka.
Profits at the French firm came in at €945 million (£827.6 million) for the 12 months to the end of June after sales rose 7% to €7.2 billion.
Pernod toasted its €5.63 billion acquisition of Vin & Spirit, the state-controlled Swedish firm behind Absolut which it won control of in an auction last year.
It helped drive sales despite the recession which has hit demand for expensive alcoholic drinks.
Pernod chief executive Pierre Pringuet expects the economic environment to remain difficult this year with stagnation of the wines and spirits market.
He added: “Despite a particularly difficult environment, the group achieved a very satisfactory performance in the year just ended. We start the new year with confidence and determination.
“Our priorities are clear: continue to reduce debt and strengthen investments behind our strategic brands.”
