Pernod Ricard passes the 10bn mark after record year

(Mumm) champagne corks fly around at Pernod Ricard, as the French spirits producer has had a record year. Increased consumption at home, the reopening of the catering industry and hefty price increases helped the company over the ten billion euro mark.

Full of confidence

CEO Alexandre Ricard was rather triumphant in his press release, saying that “Three words sum up Pernod Ricard’s outstanding performance in FY22: record, balanced and sustainable.” After the strongest growth in more than thirty years, the group broke through the symbolic sales barrier of ten billion euros for the first time. The profit of three billion euros – a growth of 19 % – also broke all records.

The producer of brands such as Absolut Vodka, Martell cognac and Jameson whiskey is said to be benefiting from “a renewed appreciation for conviviality” since the outbreak of the corona pandemic. Pernod Ricard gained market share in most markets, managed to raise prices to offset rising costs and capitalised on the successful reopening of the hospitality industry and the resurgence of tourism.

The current uncertain market conditions, with lockdowns in China, the war in Ukraine and high inflation, do not immediately worry the spirits group: the summer months have been good and CEO Ricard is confident that the company will be able to continue to raise prices later this year.