PERNOD LOOKS TO CLEAR ITS DEBTS

Published: 23 July, 2008

By Christian Davis

Pernod Ricard's consolidated sales for the first half of 2002, excluding duties and tax, amounted to e3.6 billion, up 18% from 2001. Group operating profits rose 63% to e296 million, while consolidated net profits were up 47%, to e154 million. Richard Burrows, joint managing director, said that the company's priorities are to lower its debts and fully integrate the Seagram's business. Of its new roster of brands, Chivas Regal was the number one priority'. Asked about whether Pernod Ricard was looking to expand its branded wines portfolio, Burrows told Harpers that he had been put off by some of the high prices being asked for branded wines, but that it was adding one million cases each year by growing organically (Jacob's Creek grew by 15%), and that beat the hell out of acquisition'. * Orlando Wyndham, Pernod Ricard's branded wine division, has announced a A$100 million expansion programme for Jacob's Creek, which has grown at an annual rate of 24% over the past five years. Christian Porta, Orlando Wyndham's chairman and chief executive, said: We will continue to expand our vineyard plantings and our wineries. We are also investing in more storage and other infrastructure to ensure we expand capacity and maintain our high quality standards.'

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