(Adds detail, background)
PARIS, June 23 (Reuters) - Pernod Ricard said it
now expected organic profit growth of about 16% for its
2020/2021 fiscal year, up from a previous April forecast of 10%,
as the French drinks group saw a stronger than expected recovery
as COVID-19 curbs are lifted.
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)
Diageo (DGE)
