18 November, 2005

UK: Diageo warns that sales and profit may go down

Diageo, which is the world's biggest spirits group, has warned that its first-half sales and profit growth may fall short of the mark due to disruptions from the recent American hurricanes, according to the report of Business Scotsman of November 16.

But the maker Guinness beer added in a trading update that its expectations for its full-year to June 2006 were similar to those previously given. Nick Rose, the finance director stated: "The rate of growth in the first-half performance may be below our guidance for the full year”.

At its full-year results in September and then again at its annual general meeting in October, the beverage group stated it expected underlying sales to rise four per cent and operating profits to increase seven per cent in its financial year to June 2006. It made the forecasts in spite of higher growth in marketing spend and higher pension costs.

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