Jameson owner Pernod Ricard forecasts smaller Covid impact on profits 

Current organic profits are likely to fall by 15%, rather than 20% which was previously forecasted 
Jameson owner Pernod Ricard forecasts smaller Covid impact on profits 
The Jameson Distillery in Midleton: Owner Pernod Ricard expects the Covid impact on its profits to be less severe than anticipated

Shares in Jameson owner Pernod Ricard jumped on the back of the French drinks giant saying it expects its full-year profits to be less badly impacted by the Covid-19 crisis than previously anticipated.

The group – which also owns Absolut vodka and Mumm champagne – said better-than-expected supermarket and off-licence sales in western Europe and the US mean current year organic profits are likely to fall by 15%, rather than the 20% slump it had previously anticipated.

Back in February, Pernod Ricard said a 9% year-on-year surge in Jameson sales helped the group’s first half sales rise by a better-than-expected 2.7%.

Meanwhile, drinks group C&C gave no further update on trading at its AGM and said it would communicate again with shareholders at an EGM later in the year.

Earlier this month, the group – which makes Bulmers/Magners cider and Five Lamps and Tennent’s lager – named Heineken UK boss David Forde as its new CEO.

C&C is expected to suffer losses of up to €30m in its current financial year largely due to closed hotels and pubs, sales through which comprise around 80% of its revenues.

But, despite taking a near €48m hit and burning through €7m of cash per month, C&C said it has ample liquidity and is well-placed for industry recovery.

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