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French beverage company Pernod Ricard raises 2021 profit forecast by Reuters

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© Reuters. A bottle of Chivas Regal Blend Scotch Whiskey manufactured by Pernod Ricard SA is on display on August 28, 2018, on the campus of the HEC Paris School of Business in Giant Josa, near Paris, France. REUTERS / Benoit Tessier / File Photo

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Paris (Reuters)- Pernod Ricard (PA :) saw growth in intrinsic profits for the 2020/2021 fiscal year from the previous April forecast of 10%, as the French beverage group saw a stronger recovery than expected due to the suppression of COVID-19. He said he expected it to be 16%.

Owners of Mumm Champagne, Absolut Vodka and Martell Cognac said in an investor presentation Tuesday that they are confident in their outlook in Asia, supported by demand for cognac and scotch whiskey in China.

Also, Pernod Ricard’s third-quarter results, announced two months ago, exceeded analysts’ expectations.

“Demand is accelerating as the pace of recovery proves to be stronger than expected (…) as restrictions are gradually lifted,” the group said in a statement Wednesday.

At the end of the market on Tuesday, Pernod’s share price rose 14.8% from the beginning of the year, while the Food & Beverage index was + 12.8% and its world leader and major rival was + 21.7%. Diageo (LON :).

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French beverage company Pernod Ricard raises 2021 profit forecast by Reuters

Source link French beverage company Pernod Ricard raises 2021 profit forecast by Reuters

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