Drinks group Pernod Ricard, which owns Irish Distillers, has reported a 12% rise in 2003 net profits. The world's third biggest spirits group said its full-year net profit totaled €464m compared to €413m the previous year. But operating profit declined under the impact of the euro's strength and divestments to €739m from €750m in 2002.
Pernod, ranked third in the global drinks stakes after Diageo and Allied Domecq, beat its own target for a 5% rise in 2003 pre-tax, pre-exceptional profit - which rose 6.8% at €638m - and it predicted growth in operating profit excluding currency effects for 2004.
The company said its wine and spirits sales amounted to €3.4 billion, while its operating profit in the sector improved to €737m despite a negative currency effect of €83m.
'Our portfolio of premium brands and our presence in high growth markets support our confident view of the future,' commented Patrick Ricard, Chairman and CEO of the company.
'The group anticipates that therefore it will enjoy during 204 a growth in operating profit on a constant exchange basis,' he added.
