French spirits producer Pernod Ricard, which makes Absolut vodka, has seen its operating profits rebound over the past year due to easing Covid-19 restrictions across China and the US.
Operating profit just surpassed the company’s expectation of 17 per cent growth, recording an 18.3 per cent organic rise for the full year.
The spirits producer, which also makes Mumm champagne and Martell cognac, also engaged in strict cost control measures over the period, as Covid-19 rocked supply chains and international trade.
Sales hit €8.82bn (£7.53bn), up 9.7 per cent on pre-pandmeic levels – and jumping a huge 56.5 per cent in its final quarter as restrictions on pubs and bars in the UK were lifted.
Pernod, the world’s second largest spirits group, hopes for a “very dynamic” first quarter, as the company said it expects its strong sales momentum to continue over the next three months.
The company reinstated its buyback program of €500m at the beginning of July which will be active over the next financial year.