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.