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Pernod Ricard H1 Profit Up 25%; Raises FY18 Outlook

French drinks company Pernod Ricard SA (PDRDF.PK,PDRDY.PK,PRN.L) Thursday reported a 25 percent increase in its profit for the first half of 2018, reflecting a reduction in financial expenses and positive non-recurring items.

The reported Group share of net profit for the first half rose 25 percent to 1.15 billion euros from 914 million euros last year.

Group share of net profit from recurring operations rose 4 percent to 994 million euros, and net earnings per share from recurring operations also grew 4 percent to 3.74 euros from 3.61 euros last year.

For the half year, net sales totaled 5.082 billion euros, up 0.4 percent from 5.061 billion euros last year. Organic sales growth was 5.1 percent.

Looking ahead to fiscal 2018, the company raised its outlook for organic growth in profit from recurring operations to a range of between +4 percent and +6 percent, up from the prior range between +3 percent and +5 percent.

Separately, Pernod Ricard announces the following changes to its Executive Committee or Comex. These changes are effective as of 1 July 2018, unless otherwise stated.

Christian Porta, currently Chairman and CEO of Pernod Ricard EMEA & LATAM has been appointed to the newly created position of Managing Director, Global Business Development or GBD. A member of the Executive Board and the Comex, he will report to Alexandre Ricard, Chairman and CEO of Pernod Ricard.

All Brand Company CEOs, now reporting to Christian Porta, will remain Comex members.

Gilles Bogaert, currently Managing Director in charge of Finance, IT and Operations, becomes Chairman and CEO of Pernod Ricard EMEA & LATAM. A Comex member, he will report to Alexandre Ricard.

Hélène de Tissot, currently Group Strategy and M&A Director, becomes Group Finance, IT and Operations Director. A member of the Executive Board and Comex, she will report to Alexandre Ricard. The company noted that her replacement will be announced at a later date.

Jean-Christophe Coutures, currently Chairman and CEO of Irish Distillers, becomes Chairman CEO of Chivas Brothers. A Comex member, he will report to Christian Porta. He replaces Laurent Lacassagne who will leave Pernod Ricard.

Conor McQuaid, currently EVP Global Business Development, has been appointed Chairman and CEO of Irish Distillers. A Comex member, he will report to Christian Porta.

Lastly, the Group announced the appointment of Philippe Coutin, currently CEO of Pernod Ricard Rouss and Pernod Ricard Eastern Europe, as Chairman and CEO of the Ricard and Pernod Companies effective as of May 2019.

A Comex member, Coutin will report to Alexandre Ricard. He will replace Philippe Savinel, who will retire at this date. The company will announce the replacement of Philippe Coutin at a later date.

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