Pernod Ricard has revised its profit forecast for its financial year, which runs to the end of June, as the coronavirus pandemic has caused less damage than previously expected.

In March, the French company which owns brands including Malibu and Jameson, said it expected operating profits would be down by around 20% year on year.

On-trade sales were nearly at zero and off-trade had fallen by around 10%, with travel retail thought to have taken a big hit.

Other popular brands produced by Pernod Richard such as Imperial Blue, Royal Stag and Blenders Pride, and they have suffered as a result of the trading conditions being restricted in India due to the coronavirus outbreak and lockdown.

Pernod Ricard pledged Rs $2 million to boost healthcare facilities across India and predicted of sharp sale declines in China for similiar reasons.

However, Pernod Ricard now says it expects operating profits to be down by just 15%.

Sales in the United States and Western Europe proved to be better than previously thought, with off-trade demands has risen for brands such as Absolut, Chivas Regal, Ballantine’s, Plymouth Gin, Beefeater, Havana Club, Campo Viejo and Jacob’s Creek,

Speaking about their profit orecast, Pernod Richard said: “On balance, these assumptions have proven to be directionally correct, in particular as regards China and travel retail.

“There have however been some notable differences, mainly with India being subject to a full six-week lockdown of all sales and production, but more resilience in the off-trade, especially in the US and Western Europe.”

Perond Richard said they will announce their results on 2nd September.