Drinks giant Pernod Ricard has posted a 3.6% increase in organic growth for its full year 2017, with sales totalling €9,010 million.
The company says that this acceleration was driven by its strategic international brands, including Jameson and Martell, with 11 out of 13 brands in growth during the year.
Profit from recurring operations was €2,394 million, with organic growth of 3.3% and reported growth of 5% year-on-year.
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“FY17 was a strong year, delivering profit from recurring operations in line with guidance together with an excellent cash performance," said Alexandre Ricard, chairman and CEO.
"These results demonstrate that the strategic direction the group adopted two years ago is delivering - growth is accelerating and diversifying through successful activation of our strategy."
Pernod Ricard says that growth was driven by performance in the USA, China (which returned to growth), Eastern Europe and Global Travel Retail.
The group also benefitted from changes to its portfolio, including the acquisitions of Smooth Ambler, Del Maguey and Ungava, and the disposal of non-core assets -Frïs, Domecq, and Glenallachie distillery.
"In FY18, we will continue to implement our roadmap, in particular focusing on digital, innovation and operational excellence," added Ricard.
"We are confident that we will continue improving our business performance. As a consequence, our guidance for FY18 is organic growth in profit from recurring operations between +3% and +5%.”
© 2017 European Supermarket Magazine. Article by Sarah Harford.