This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-19353088#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
The article has changed 4 times. There is an RSS feed of changes available.
Version 0 | Version 1 |
---|---|
Guinness maker Diageo sees profits jump | |
(about 1 hour later) | |
Diageo, the world's biggest producer of spirits, has reported a big jump in annual profits, thanks in part to strong sales and acquisitions in emerging markets. | Diageo, the world's biggest producer of spirits, has reported a big jump in annual profits, thanks in part to strong sales and acquisitions in emerging markets. |
Pre-tax profit for the year to the end of June was £3.1bn, up 32% on the £2.4bn the company made in the previous year. Sales rose 10% to £14.6bn. | Pre-tax profit for the year to the end of June was £3.1bn, up 32% on the £2.4bn the company made in the previous year. Sales rose 10% to £14.6bn. |
The maker of brands such as Guinness, Smirnoff, Baileys and Johnnie Walker did particularly well in Latin America. | The maker of brands such as Guinness, Smirnoff, Baileys and Johnnie Walker did particularly well in Latin America. |
The firm proposed an 8% dividend rise. | The firm proposed an 8% dividend rise. |
Net sales in emerging markets, which account for nearly 40% of Diageo's business, grew 15% over the year, while operating profits grew 23%. | |
Latin America and the Caribbean, the group's best-performing region, saw net sales rise 19% and operating profits rise 23%. | |
In Paraguay, Uruguay and Brazil, nearly two-thirds of growth came from sales of whiskey, particularly Johnnie Walker and Old Parr, the company said. | |
Commenting on the results chief executive Paul Walsh said: "Diageo is a strong business, getting stronger and the results we released this morning show that very clearly. | |
"We have increased our presence in the faster growing markets of the world, through both acquisitions and strong organic growth." | |
Net sales for the group grew 6% while operating profits grew 9%. | |
Richard Hunter, head of equities at Hargreaves Lansdown stockbrokers, said: "Despite heightened expectations, investors are raising a glass to another set of sparkling results. | |
"Diageo has managed to ride the wave of emerging markets strength, whilst also being well positioned for any uptick in the North American economy." | |
Diageo's shares have risen 50% over the last year. |