Pernod Ricard reported a better-than-predicted rise in first-half net profit today and predicted earnings growth of about 15 per cent this year.
The Paris-based company, the world's third-biggest spirits group, said first-half net profit rose to €161 million from €154 million a year ago, helped by an improvement at its newly acquired Martell cognac and Chivas Regal scotch brands.
Analysts had predicted first-half net profit of €152.5 million.
Operating profit fell by 4.3 per cent to €283 million, slightly below expectations of €285.8 million. Pernod shares were down 0.25 per cent at €81.30 early this morning.
Pernod said it had seen a revival in volumes of the two main brands it acquired from Canada's Seagram: Chivas Regal, up 4 per cent, and Martell, up 9 per cent.
Sales of Pernod's core wines and spirits branch - including Havana Club rum, Jacob's Creek wines and Seagram's gin - slipped O.5 per cent on adverse currency effects to €1.496 billion year-on-year. On a like-for-like basis, sales rose 8 per cent in that branch.