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Pernod Ricard reports strong growth in half-year results

Pernod Ricard has revealed strong results for the first half of its 2022 financial year, showing a strong recovery from the ravages of the Covid-19 pandemic.

The group - which owns brands including Chivas, The Glenlivet, Beefeater and Jameson - reported a profit from recurring operations of €1.99 billion, on total sales of €5.96 billion, between July and December 2021.

It saw growth in all major global regions: sales in the Americas were up by 14 per cent, linked to "dynamic growth in the USA, Brazil and travel retail; Asia and Rest of World saw an increase of 16 per cent, dirven by China, India and Turkey; and Europe saw growth of 21 per cent, with rebounds in Spain, France and travel retail.  

Across its strategic international brands portfolio, which includes Jameson, Martell, Ballantine's, Absolut and Chivas Regal, Pernod Ricard reported growth of 19 per cent with each brand seeing a double-digit increase. Its speciality brands, including Malfy, Monkey 47 and Redbreast as well as its agave portfolio, saw growth of 21 per cent in the period.

Looking ahead for the rest of its 2022 financial year, Pernod Ricard said it expected a continued rebound in the on-trade and travel retail sectors, strong cash generation and upweighted investments in its capital expenditure and strategic inventories, and an acceleration of its share buy-back programme.

Alexandre Ricard, chairman and CEO of Pernod Ricard, said: "he execution of our Transform & Accelerate strategy is delivering an excellent and broad-based performance in the first half, with brand share gains in most countries and with all our 'must-win markets' showing very strong growth. I take the opportunity to praise the engagement and performance of our teams throughout the world, who have relentlessly accomplished outstanding work, in an environment still largely disrupted on many fronts by the Covid crisis.

"Despite the ongoing volatile environment, we expect for FY22 strong sales growth across regions, with continued on-trade rebound, off-trade resilience and a gradual travel retail recovery. We will increase investments to fuel growth momentum. We remain focused on executing our strategy, progressing on our sustainability and responsibility journey and accelerating our digital transformation. A successful mix of robust fundamentals, the dedication of our teams and our portfolio of brands, has yielded a very strong set of results and seen us through this crisis, emerging even stronger."

11 February 2022 - Bethany Whymark