The French beverage and spirit producer Pernod Ricard will reward its shareholders, after the largest profit jump in seven years. The company announced that it would buy back its own shares for 1 billion euros.
Pernod Ricard benefited, among other things, from a stronger demand for its drinks from China. All in all, the profit in the last financial year that ran up to and including June increased by almost 9 percent to nearly 2.6 billion euros. In China, the company earned 21 percent more than a year earlier. The French concern owns among other things Monkey 47 gin and Martell cognac.
Pernod Ricard has been under attack for some time by activist investor Elliott Management, who took an interest in the company last year. Elliott urged the French to boost profitability. The activist also complained about bad governance.