Nor-ma-li-sa-tion! Across all sectors, stock portfolios have learned in one year to spell the key word of the post-pandemic economy which, contrary to its definition in Larousse, does not mean a “return to normal”. Pernod Ricard’s organic growth, at 1% for its annual turnover at the end of June, excluding its exit from Russia (becoming a 1% decline when including it), thus remains very far from its pre-Covid rate of 6%.
Its boss, Alexandre Ricard, reiterated on Thursday his confidence in renewing in the medium term with the cocktail combining a good dose of sales growth at the top of a range of 4% to 7% per year with the disc of an improvement in the operating margin of 0.5 to 0.6 percentage points. The world’s second largest bartender knows the recipe perfectly thanks to its “premium” spirits and its geographical footprint.
