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PARIS, June 23 (Reuters) – Pernod Ricard PERP.PA stated it now anticipated natural revenue development of about 16% for its 2020/2021 fiscal 12 months, up from a earlier April forecast of 10%, because the French drinks group noticed a stronger than anticipated restoration as COVID-19 curbs are lifted.
The proprietor of Mumm champagne, Absolut vodka and Martell cognac had already advised an investor presentation on Tuesday that it was assured about its prospects in Asia, helped by cognac and Scotch whisky demand in China.
And Pernod Ricard’s third-quarter outcomes, revealed two months in the past, had crushed analysts’ expectations.
“The tempo of restoration is proving stronger than anticipated (…) Demand is accelerating as restrictions are progressively lifted,” the group stated in a press release on Wednesday.
At Tuesday’s market shut, Pernod’s share value was up 14.8% because the begin of the 12 months, versus +12.8% for the Stoxx 600 Meals & Beverage index .SX3P and +21.7% for world chief and essential rival Diageo DGE.L.
(Reporting by Benoit Van Overstraeten; Modifying by Sudip Kar-Gupta and David Evans)
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