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Pernod Ricard reports 25% surge in fiscal H1'18 profits

French spirits group Pernod Ricard SA reported a surge in earnings in the first half of its fiscal year 2018 but warned that the strong euro could dent its full-year results.

The company reported a 25% increase in net profit year over year to €1.15 billion in the first half of fiscal 2018 ending Dec. 31, 2017, compared to €924 million in the prior-year period. Profit from recurring operations came in at €1.50 billion with organic growth of 5.7%, and negative 0.3% reported, on a weak exchange rate.

Operating profit was 1.56 billion, up from 1.50 billion in the previous year. Pernod also said it is now aiming for an organic increase of between 4% and 6% in profit from recurring operations for the year ending June 30.

Net sales amounted to €5.08 billion, up slightly from €5.06 billion in the year-ago period. Free cash flow rose to €799 million, a 21% increase from a year ago.

The company said all its reportable segments grew by 5% in the first half.

"For full-year [fiscal 2018], we will maintain our focus on digital, innovation and operational excellence (including pricing). We expect sustained and diversified growth to continue across our regions and brands," said Chairman and CEO Alexandre Ricard. "We are therefore increasing our guidance for full-year [fiscal 2018] organic growth in Profit from Recurring Operations to between +4% and +6%."