Pernod laments 'difficult' UK market

Pernod Ricard has reported “persisting difficulties” in the UK market in its results, released today (Thursday).

The Jacob’s Creek, Absolut and Beefeater producer described its international performance as “sound”, with 8% sales growth in emerging markets.

But in Europe, excluding France, profits from recurring operations fell by 3% in the year to June 30, principally due to trading difficulties in the UK and Spain.

Global full-year sales totalled €7,081 million (excluding tax and duties), a decline of 2%.

The company said it had achieved organic growth of 2% but had also been hit by exchange rate issues and restructuring costs, mainly created by the disposals of Wild Turkey, Tia Maria and Bisquit and the impact of the termination of Stolichnaya distribution.