Pernod Ricard has reported strong growth in the first half of its 2023 fiscal, with 12 per cent growth in both sales and profit from recurring operations on an organic basis.
Sales reached €7.11 billion (£6.32bn), with broad-based growth across all regions and all spirits segments growing double-digit.
The French multinational has also maintained overall volume growth and sustained margins, while benefitting from a strong pricing dynamic at 10 per cent. The maker of Jameson whisky and Absolut vodka added that it has planned further price increases in the second half of the year.
The profit from recurring operations in the first half stood at €2.42bn, with the strong broad-based pricing dynamic across brands and geographies and focus on operational efficiencies offsetting high inflation in costs of goods.
The company said it expects dynamic, broad-based net sales growth albeit in a normalising environment for the 2023 fiscal.
“Our first half performance was very strong, marked by broad-based and diversified growth across all regions and categories. In addition, particularly strong pricing dynamic illustrates the attractiveness of our portfolio of premium brands and enabled us to sustain margins in an inflationary context,” Alexandre Ricard, chairman and chief executive, said.
“We will continue to invest behind our brands, our group-wide transformation and S&R strategy, deliver operational efficiencies and prepare for exciting future growth opportunities.
“I expect this dynamic growth to continue through FY23 albeit in a normalising environment, demonstrating the strength of our strategy and the agility, dedication and exceptional engagement of our teams around the world.”
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