Drinks group Pernod raises prices in Britain due to Brexit

Company says hikes are to protect margins against slide in sterling following Brexit vote

Pernod, whose brands include Jameson Whiskey, did not detail the scope of the price increases.

Pernod Ricard raised the prices of its spirits in Britain earlier this month to protect margins against a slide in the pound stemming from the country's vote to leave the European Union, according to company slides released ahead of an analyst call.

Pernod, the world's second-biggest spirits group behind Diageo, did not detail the scope of the price hikes. The company is hosting a call on its European, Middle Eastern, Africa and Latin American businesses later in the day.

“Brexit is leading to a strong pound depreciation, with inflation expected higher as a reaction. In that context, Pernod Ricard increased prices in March,” the slides said.

Pernod, which owns Irish Distillers, had previously reported that sales in Britain rose 7 per cent in the first half of its 2016-2017 fiscal year, as a 9 per cent rise in international spirits sales and a 6 per cent rise in wines more than offset a decline in champagne sales.

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