* H1 net profit up 0.5 percent, sales up 2.5 percent
* Co maintains focus on cost containment
* CEO sees no meaningful M&A for at least 18 mths
* Shares up 1.5 percent, hit year's high
(Recasts with CEO interview comments)
By Marie-Louise Gumuchian
MILAN, Aug 6 (Reuters) - Drinks group Campari is well placed to continue the positive momentum that saw consumption of its brands outpace the market in key regions in the first half, when its net profit beat analyst estimates.
"We have all the cards in order to continue with positive consumption momentum," Bob Kunze-Concewitz, chief executive of the company best known for its bitter red aperitif, said in an interview.
"Our brands are very well positioned both from a category standpoint as well as a pricing standpoint to continue growing."
Davide Campari-Milano SpA, which made its biggest acquisition ever in April when it bought the Wild Turkey bourbon brand, does not see "anything meaningful" happening in terms of acquisitions for at least 18 months, Kunze-Concewitz said.
Campari, which has a portfolio of spirits, wines and soft drinks brands, said underlying consumption of its brands in the first half was "positive", outperforming the overall market trend in key regions.
In a slide presentation it said the U.S. spirits market grew 1.5 percent in the first half, while consumption of its spirits rose 11.7 percent. In Italy, the overall spirits market fell 3.8 percent while Campari spirits slipped 1.2 percent and its aperitifs saw demand rise 5.7 percent.
It said destocking pressure eased in key developed markets.
Campari's first-half net profit increased 0.5 percent to 60.1 million euros on sales up 2.5 percent to 441.8 million euros, thanks to improved conditions in the second quarter, integration of acquisitions and cost containment.
GOOD MONTH
JP Morgan said in a note the first half was better than expected, above a consensus forecast for sales of 436 million euros and for net profit of 59.8 million.
Shares were up 1.9 percent to 6.01 euros at 1236 GMT, paring gains after hitting a year high.
Campari is sticking to a medium-to-long term target of 5 percent organic growth, Kunze-Concewitz said, adding July was a "good month."
"With regard to this year where trading conditions aren't normal, we're reserving judgment for the time being," he said.
Campari said it would remain vigilant and would focus on cost containment, working capital and cash generation.
Campari bought the Wild Turkey bourbon whiskey brand from Pernod Ricard for $575 million this year to boost its U.S. presence.
"We're a conservative company and we've clearly declared that before making any sizeable acquisition we would be looking at reducing our debt levels," Kunze-Concewitz said.
"We continue maintaining a watchful eye (on the M&A scene) but I don't see anything meaningful happening at least for another 18 months on our side."
Pernod Ricard said it expected full-year operating profit to be at the lower end of its 3.5 percent growth target range on the back of flat comparable sales. (Editing by David Holmes) ($1=.6948 Euro)