Diageo toasts new 'dual growth' potential
By Kristy Dorsey
Drinks giant Diageo, the owner of Johnnie Walker whisky and Guinness beer, beat analysts’ expectations for the financial year to the end of June with a particularly strong performance in North America, its largest market.
Profits at the FTSE 100 group increased by 7 per cent to £3.74 billion on sales which rose to £12.73bn, up from £11.7bn previously. In North America, sales were up by more than 20%.
The results pre-dated the suspension of US tariffs on single malts that were in place as part of a long-running trade dispute over aircraft subsidies. The tariffs are estimated to have cost the whisky industry as a whole more than £600m in exports.