Pernod Ricard, the spirits maker, has reported an increase in first quarter revenue, driven by sales in emerging markets and a good recovery in mature markets. The company said that revenue in the three months to 30th September rose 6% to Eu1.99bn from Eu1.88bn a year earlier, representing an organic sales growth rate of 11%. It said that sales in Europe, excluding France, grew 1% to Eu524m in the quarter, while sales in Americas climbed 5% to Eu508m. Sales in Asia and the rest of the world increased 11% to Eu794m. However, its sales in France dropped 1% to Eu162m during the quarter, which it said was due to “unfavourable weather over the summer”. The group said it expects organic growth in profit from recurring operations close to 6% and continued debt reduction over the coming year. Chief executive Pierre Pringuet said: "The start of the 2011/12 financial year confirms the solidity of our markets. Our outlook assumes a macro-economic scenario featuring strong dynamism in emerging markets and slow growth in mature markets.” Pernod also said it was working with several banks to refinance its debt, including the possibility of one or more bond issuances, depending on market conditions.