The maker of Malibu rum and Absolut vodka has warned of a 'particularly uncertain' outlook due to the trade war and Brexit

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• Pernod Ricard has signaled its rising concerns about global trade and Brexit with a single word.
• The maker of Malibu rum and Absolut vodka warned of a "particularly uncertain environment" in its full-year outlook, after flagging a merely "uncertain" backdrop three months earlier.
• "The level of uncertainty has notched up just a little bit," CEO Alexandre Ricard said.
• Watch Pernod Ricard trade live.

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Pernod Ricard has signaled its rising concerns about global trade and Brexit with a single word: "Particularly."

The maker of Malibu rum, Absolut vodka, and Beefeater gin warned of a "particularly uncertain" backdrop in its full-year earnings report, after highlighting a merely "uncertain" business environment in its third-quarter results.

"Why did we add the word particularly?" CEO Alexandre Ricard asked on the group's latest earnings call. "What that word basically suggests is that the degree of uncertainty we all are facing has probably notched up a little bit. If you look and read newspapers this year, from this summer, next to the swimming pool, you'll see that the tonality has somewhat worsened a little bit versus the previous years."

The alcoholic beverage group faces several risks to its business. The yearlong trade dispute between the US and China shows few signs of ending, the Trump administration continues to threaten tariffs on European goods, and the UK remains at risk of dropping out of the European Union without a deal to maintain ties to the continent.

"Uncertainty in a way is the new norm," Ricard said. "We don't know how well the tariff war will end between China and the US. We don't know whether there will be any tariffs on European spirits in the US," he continued. "There may be a hard Brexit a few weeks from now."

Pernot Ricard's sales surged by about 20% in both China and India in the twelve months to June 30, driving its total organic revenue up 6% to 9.2 billion euros ($10 billion). The upshot was a 9% rise in organic profit from recurring operations to 2.6 billion euros ($2.8 billion).

Given the increased uncertainty, the group guided towards organic growth in profit from recurring operations of 5% to 7% this financial year, down from its 8% target three months earlier.