Jameson owner Pernod Ricard sees profits jump as restrictions ease
The Absolut vodka owner also hailed a boost from a ‘dynamic rebound’ in the UK, Germany and Eastern Europe.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Spirit giant Pernod Ricard has reported a recovery in profits after sales were buoyed by the easing of restrictions in the US and China.
The Jameson whiskey and Absolut vodka owner also hailed a boost from a “dynamic rebound” in the UK, Germany and Eastern Europe
The group said both sales and profits were above pre-pandemic levels, despite the continued impact of pandemic restrictions on bars and restaurants.
It told investors on Wednesday that it saw operating profits rise by 18.3% on an organic basis from the year, surpassing expectations.
Meanwhile, sales increased by 9.7% against pre-pandemic levels, as it was particularly buoyed by a 56.5% jump in the final quarter, as restrictions were eased in the UK and other key regions.
Thanks to our solid fundamentals, our teams and our brand portfolio, we are emerging from this crisis stronger
The firm, which also makes Beefeater gin, said it expects this “good sales momentum” to continue through the current quarter.
Pernod Ricard added that it saw strong sales of Jameson in the US and Martell cognac in China.
However, the firm’s wine arm saw strong growth for Campo Viejo offset by declines for its Jacob’s Creek and Kenwood brands.
Alexandre Ricard, chairman and chief executive of the company, said: “The business rebounded very strongly during full-year 2021 to exceed full-year 2019 levels.
“I would like to take this opportunity to praise the exceptional commitment of our teams during this difficult time and express my support to those who have been or continue to be impacted by this pandemic.
“We will stay the strategic course, accelerating our digital transformation and our ambitious sustainability and responsibility roadmap.
“Thanks to our solid fundamentals, our teams and our brand portfolio, we are emerging from this crisis stronger.”