French drinks group Pernod Ricard reported a stronger-than-expected out-turn for the first half, showing a 15 per cent rise in core profit to €168.6 million yesterday, benefiting from strong sales in its spirits division. First-half net profit was up 29.7 per cent at €104.7 million (£82.4 million).

The outcome of due diligence on competing offers for the group's Irish and UK distribution arm, BWG, by potential buyers Electra Private Equity and ABN Amro Private Equity, was expected by the end of October, Pernod Ricard's joint managing director Mr Richard Burrows said.

BWG, which has the Spar and Mace franchises in the Republic and the North respectively, is expected to fetch about €300 million. Pernod Ricard is still waiting for the go-ahead from US authorities for its joint purchase of Seagram's drinks business.