Pernod Ricard hits target with 3% rise in full-year profits

Pernod Ricard, the world No. 2 maker of wine and distilled spirits, on Thursday met its targets by posting a 3.0-percent rise in full-year net profits. The group, with a portfolio including whisky, cognac and champagne brands, said it remained "confident" about further growth. The results for the 2012-2013 financial year showed a net profit of 1.21 billion euros ($1.62 billion), up from 1.17 billion euros a year ago, despite a slowdown in China in the second half of the year. Pernod, which owns a wide range of brands including The Glenlivet, Jameson, Chivas and Ballantine's whiskies and Mumm champagne, said that sales for the twelve-month period rose by 4.0 percent to 8.58 billion euros. Growth was particularly strong in emerging markets and the United States while mature markets were more or less stable, and activity declined in France and Spain, it said. Chief executive Pierre Pringuet said that "despite a less buoyant environment than that of last year, we achieved our guidance." "Our global and balanced exposure to emerging and mature markets will allow us to seize all opportunities. We therefore remain confident in our ability to pursue our growth," he said.