French Drinks Firm Pernod Ricard Raises 2021 Profit Forecast
The owner of Mumm champagne, Absolut vodka and Martell cognac had already told an investor presentation on Tuesday that it was confident about its prospects in Asia, helped by cognac and Scotch whisky demand in China.
And Pernod Ricard’s third-quarter results, published two months ago, had beaten analysts’ expectations.
“The pace of recovery is proving stronger than anticipated (…) Demand is accelerating as restrictions are progressively lifted,” the group said in a statement on Wednesday.
At Tuesday’s market close, Pernod’s share price was up 14.8% since the start of the year, versus +12.8% for the Stoxx 600 Food & Beverage index and +21.7% for world leader and main rival Diageo.
(Reporting by Benoit Van Overstraeten; Editing by Sudip Kar-Gupta and David Evans)