Diageo cheers strong start to new financial year

Drinks giant Diageo said yesterday that its new financial year had got off to a good start, with sales growth being driven by Scotch whisky, US spirits and India '“ its declared strategic priorities for 2017.

Diageo said it was poised to deliver a 'stronger performance' this year. Picture: Ian Rutherford
Diageo said it was poised to deliver a 'stronger performance' this year. Picture: Ian Rutherford

Ivan Menezes, group chief executive, said: “The fiscal year 2017 has started well. As expected, the momentum we created last year, strengthening our business through improved marketing, innovation, and commercial execution, has set us up to deliver a stronger performance.”

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The update came ahead of the shareholder AGM yesterday of Diageo, Scotland’s biggest whisky company, whose brands include Johnnie Walker whisky, Smirnoff vodka and Guinness.

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In July, the group posted a 3.5 per cent rise in operating profits to £2.8 billion on like-for-like revenues up 2.8 per cent at £10.5bn, as the spirits giant recovered its momentum after two flat years battling against an emerging market slowdown.