Its new Seagram brands helped boost 2002 results at Pernod Ricard, the French drinks group which owns Irish Distillers, writes Jane O'Sullivan, Markets Correspondent

Pernod reported a 45 per cent increase in profit before tax and exceptionals for 2002 to €597 million, ahead of expectations.

Fuelled by the Seagram buy, which included brands such as Seagram's gin, Martell cognac and Chivas Regal scotch, operating profit jumped to €750 million from €451 million previously on sales of €4.8 billion, up 6 per cent.

However, the company gave no guidance for the current year, citing the uncertain geopolitical and economic situation.

The company's joint managing director, Mr Richard Burrows, said 2003 had started well and January and February had been strong months.

But Pernod felt it was prudent to wait until its annual meeting on May 7th before giving guidance in light of developments in Iraq.

While the company has little exposure to the Middle East, international duty-free sales have fallen year-to-date while business and holiday travel are starting to suffer which could affect Pernod Ricard.

"It's impossible to know the impact of the potential conflict," Mr Burrows said.

However, he said Pernod had not yet detected any impact from any consumer boycott of French products in the US.

Although the company does not break out the performance of its Irish operations, it said its leading Irish whiskey, Jameson, had another year of robust growth. Volumes of Jameson were up by 6.6 per cent to 1.5 million cases, while volumes of Bushmill rose by 5 per cent.

While the increase in excise duty on spirits, introduced in the last Budget, had not had an impact on the 2002 results, it would be felt this year, Mr Burrows said.