Pernod targets annual profit of 6%

Pernod-Ricard aims to increase profit by about 6 per cent this fiscal year after joining rivals Diageo and Remy Cointreau in reporting sales that beat estimates. Pernod, which reported first-quarter “organic” revenue growth of 11 per cent, is targeting the increase in earnings after reporting a gain of 8 per cent on the same basis last year.

Pernod, which makes Chivas Regal whisky and Absolut vodka, repeated its forecast to further reduce borrowings to about four times adjusted earnings before interest, taxes, depreciation and amortisation by next June. There will be no “transformational acquisitions from our side in this and the next fiscal year”, chief executive Pierre Pringuet said. – (Bloomberg)