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Trading Update


Trading update for the 2009/10 financial year (ended 30 June 2010)

Trading Update

The 2009/10 financial year saw an improving economic environment compared to the previous year, especially over the second half of the year. Pernod Ricard continued to benefit from its comprehensive portfolio of premium brands and its powerful global distribution network, which is the leader in emerging markets.

Over the full year 2009/10, organic sales growth reached 2%*, driven by the Top 14. After taking into consideration a negative foreign exchange effect of around 1% (which turned positive over HY2) and a negative group structure effect of 3%, relating mainly to the disposal of the Wild Turkey and Tia Maria brands, 2009/10 sales reported a slight decline of 2%.

The strong sales growth over the second half-year (9%*) was aided by a gradual recovery in consumer spending in mature markets, higher growth momentum in emerging markets and favourable comparatives, in particular in the third quarter (impact of the crisis and destocking by distributors in many countries over the previous financial year).

After the strong technical recovery in the third quarter, the fourth quarter sales trend was in line with our expectations, with organic growth estimated at close to 3%*, driven by the Top 14 (6%*). Asia and Latin America remained very buoyant. The improved trend was confirmed in Eastern Europe, the US and Duty Free markets. Sales continued to decline overall in Western Europe (especially in Spain, in the UK, and more recently in Greece).

For the full 2009/2010 financial year, we target organic growth in profit from recurring operations of between 3%* and 4%* (compared to about 3%* previously), while having increased advertising and promotional expenditure as planned.

Final and detailed 2009/10 financial year sales and results on Thursday, 2 September 2010.

* on a like-for-like basis 

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