Reporting its 2009-10 full-year results, Pernod Ricard was slightly more optimistic about the year ahead, saying it had detected strong growth in emerging economies, with a broader improvement starting to appear in the second half.

''The trends observed since the start of the 2010 calendar year were confirmed in the fourth quarter, including strong growth in emerging markets, a rebound in certain markets (Russia, South Korea and duty free), a gradual recovery in the US, as well as persisting difficulties in western Europe, especially in Spain, Britain, Ireland and more recently in Greece,'' the company said.

Pernod Ricard, which owns flagship brands such as Jameson, The Glenlivet, Absolut, Chivas, Beefeater gin, Kahlua, Malibu liqueurs and Orlando Wines, has posted annual sales of €7.081 billion ($A9.99 billion), down 2 per cent. Net profit was up 1 per cent at €951 million.

Looking at the performance of its premium wine offering, the 5 per cent decline in Jacob's Creek sales reflected its pricing strategy for the brand.

Volume for Jacob's Creek fell to 7.1 million cases from 7.8 million.

Recently, Orlando Wines, Pernod Ricard's Australian wine business, booked $32 million in provisions against the falling value of grapes it had bought from growers.