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Diageo Off To Good FY Start Despite Headwinds

October 6, 2022

Diageo issued a trading update this morning ahead of its annual general meeting, with the company reporting organic net sales growth across all its global regions so far in its current fiscal year, which began in July. For its previous fiscal year through this past June, Diageo posted sales up 21% to £15.5 billion ($18.8b) and operating income up 26% on an organic basis to £4.4 billion ($5.3b).

“We expect the operating environment to remain challenging with ongoing volatility due to geopolitical uncertainty, a weakening of consumer spending power, inflationary pressures and disruption related to Covid-19,” said Diageo CEO Ivan Menezes. “However, I am confident in the resilience of our business and our ability to navigate these headwinds while executing our strategic priorities, including our ambitious 2030 sustainability plan.” Menezes added that the group remains “well-positioned to deliver our medium-term guidance for fiscal ’23 to fiscal ’25 of organic net sales growth consistently in the range of 5% to 7% and organic operating profit growth sustainably in the range of 6% to 9%.”

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