You are here: Home » International » News » Companies
Business Standard

Diageo FY17 profit jumps 21%, benefits from weak pound

Despite a weak pound, group highlighted uncertainity surrounding Brexit

AFP | PTI  |  London 

Diageo says annual profits fizz higher

Diageo, the British maker of alcoholic drinks including Guinness stout, said on Thursday that annual soared more than a fifth, aided partly by the pound weakening on uncertainty.

Profit after climbed 21 per cent to 2.7 billion pounds ($3.5 billion, 3.0 billion euros) in the group's financial year to the end of June, compared with 2015/2016, announced in a statement.

rose 15 per cent to 12.1 billion pounds, helped by favourable exchange rate moves.

Despite benefitting from the weak pound, the group did highlight uncertainty surrounding - with Britain's departure set for March 2019 - as a key risk to the outlook.

"We delivered a strong set of results," chief executive Ivan Menezes said in the earnings release.

"Our performance demonstrates the effective delivery of our strategy. We have delivered consistent strong performance improvement across all regions and I am pleased with progress in our focus areas of US spirits, scotch and India."

Last month, the London-listed drinks giant snapped up Casamigos, an upscale tequila brand co-founded by Hollywood star George Clooney, in a deal potentially worth $1 billion.

Casamigos is the fastest-growing so-called "super- premium" tequila brand in the United States, according to the company.

First Published: Thu, July 27 2017. 15:47 IST