Jameson enjoys spirited quarter as sales up 11%

JAMESON whiskey was one of the star performers for drinks giant, Pernod Ricard in the first three months of the year with sales surging 11% in value.

Vodka sales were also strong across Europe, with sales jumping 41% in Germany and 10% in France.

Other strong performers were Martell brandy, up 13%, Glenlivet whisky, 7% rise, Havana Club, up 6%, and Mumm sales increased 4%.

Overall Pernod Ricard reported a 12% drop in drink sales in the first quarter of the year, although sales for the first nine months of the company’s financial year from July to March showed a small increase of 0.3% to e5.55 billion.

The company said it is standing by its target for the whole of 2008/09 of achieving two-figure growth of current net profit which for the first time would exceed e1bn.

The world’s second largest spirit firm after Diageo launched a e1bn rights issue yesterday to cut debt and forecast improved trading in its fiscal fourth quarter to June.

It priced the rights offering at a 36% discount to Tuesday’s close. Pernod is repaying a debt load that doubled when it bought the Absolut vodka brand last year.

Chief executive Pierre Pringuet believes “the worst is over” for non-US liquor markets. He said Pernod’s “absolute priority” was reducing debt. Mr Pringuet said the group would consider selling other non-strategic brands and could dispose of other assets such as property.