Drinks giant Diageo has posted a 28% increase in reported operating profit (£2.07 billion) in the six months to 31 December, according to an interim statement published this morning.
Reported net sales for the period were up 14.5% to £6.42 billion, the drinks company said, “reflecting accelerated organic growth and favourable exchange.”
“We have delivered a strong set of results, with broad-based improvement in both organic volume and top-line growth, and this positive momentum demonstrates continued effective execution of our strategy,” said Ivan Menezes, Diageo chief executive.
“Highlights this half include improved performance in our US spirits business and across our scotch portfolio, driven by our focus on marketing, with impact, innovating at scale, expanding our route to consumer, and winning in reserve. Progress on productivity supports growth, margin improvement, and consistent, strong cash-flow generation, as well as improving our agility.”
Diageo noted that, as part of its strategy to be a “better-performing company”, it is “identifying consumer trends faster, expanding the reach of our products across markets, and developing trade channels to capture these growth opportunities”.
Its Europe, Russia and Turkey segment saw reported net sales rise 13%, and operating profit up 19%.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up for ESM: The European Supermarket Magazine.
