Pernod reports increase in turnover

Drinks group Pernod Ricard, which carried off the Seagram drinks empire in a joint bid with industry leader Diageo in December…

Drinks group Pernod Ricard, which carried off the Seagram drinks empire in a joint bid with industry leader Diageo in December, posted higher 2000 sales today but disappointed with silence on its disposals programme.

The French drinks group's figures were slightly ahead of market forecasts, but Pernod's stock suffered as the company gave no indication of how much progress it had made in selling non-core assets, including Orangina.

Revenues rose 22 per cent in 2000 to euro 4.38 billion.

But Pernod shares fell 1.32 per cent to euro 75.0. "The stock is down not on the results but because they did not say anything about disposals, people were waiting for news on their sale of Orangina," said a trader at a European bank.

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Pernod said it expected to see a 7 per cent increase in current profits for 2000, but added its net profit would fall as the result of non-recurring charges.

Catapulted to third from fifth place in the global industry stakes by the Seagram acquisition, Pernod said 2000 sales growth was led by its retail division, which climbed 35 per cent to euro 1,263 million in 2000.

Turnover in wines and spirits at the group, whose drinks cabinet includes Jameson and Bushmills whiskeys, Havana Club rum and its eponymous aniseed liqueur Pernod, grew 12 per cent to euro 1,759 million.

Reuters