Pernod Ricard Raises Dividend Despite Fall in FY19 Profit
29 Août 2019 - 8:14AM
Dow Jones News
By Anthony Shevlin
Pernod Ricard SA (RI.FR) on Thursday raised its dividend and
announced plans for a share buy-back program despite a fall in its
fiscal 2019 earnings.
The Paris-based premium spirits company's net profit for the
period was 1.46 billion euros ($1.62 billion) compared with EUR1.58
billion the year prior.
Sales for the year were EUR9.18 billion, with organic growth in
profit from recurring operations at 8.7%. On a purely organic
basis, sales rose 6%.
The company said sales in the fourth quarter were EUR1.99
billion.
The company raised its dividend to EUR3.12 and said it plans a
share buy-back program for a maximum amount of EUR1 billion.
The buy-back program is due to be implemented over fiscal 2020
and fiscal 2021 and shares acquired via the program will be
canceled.
The implementation of the program is subject to market
conditions.
For fiscal 2020, Pernod Ricard targets organic growth in profit
from recurring operations between 5% and 7%.
Write to Anthony Shevlin at anthony.shevlin@dowjones.com;
@anthony_shevlin
(END) Dow Jones Newswires
August 29, 2019 01:59 ET (05:59 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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