Wines and spirits cheer Pernod results
full-year turnover after a slower fourth quarter and sell-offs in
its non-core fruit division.
French spirits group Pernod Ricard reported a 3.9 per cent rise in full-year turnover after a slower fourth quarter and sell-offs in its non-core fruit division, Reuters reports.
In a statement this week, the world's third biggest spirits company said the group's 2001 sales rose to €4.555 billion from €4.382 billion a year ago.
But sales in the fourth quarter dipped one per cent to €1.226 billion, marked by a 30 per cent fall in revenues from Pernod's fruit preparations branch.
Pernod ditched a number of interests in its non-core fruit division in 2001, selling Orangina-Pampryl and Yoo Hoo to Britain's Cadbury Schweppes for €700 million in October, and divesting San Giorgio Flavors, Italcanditi and a number of non-strategic interests at its Polish Agros subsidiary.
Pernod gave no new forecasts for 2001 and said it would not give guidance for 2002 before April 16, once it has completed its budget and reports full-year results.
In its core wines and spirits division, Pernod's 2001 turnover excluding duties and taxes increased 9.1 per cent to €1.92 billion, including 8.3 per cent organic growth compared to 6.2 per cent in 2000.
Joint managing director Pierre Pringuet said 2001 had been a good year for Pernod and its performance in the United States in the fourth quarter had not been as bad as feared.
Last week Pernod issued a €425 million convertible bond, later raising to €489 million due to strong demand, to help finance its $3.15 billion purchase of wine and spirit brands from Canada's Seagram alongside market leader Diageo.
Pernod shares closed down 1.15 per cent at 85.9 euros on Tuesday, lagging the Dow Jones Stoxx European food and beverage index which closed up 0.57 per cent. However Pernod has outperformed the index by 18 per cent since the start of 2001.
