New Diageo boss Ivan Menezes reaffirms medium-term outlook

LONDON: The new head of Diageo on Wednesday confirmed a key medium-term organic sales target for the world’s biggest spirits group after it dipped in the last financial year due to weakness in some markets.

[caption id=“attachment_999477” align=“alignleft” width=“380”] Diageo boss Ivan Menezes[/caption]

Delivering the first set of results under new boss Ivan Menezes, the maker of Johnnie Walker whisky and Guinness stout said organic net sales were up 5 percent in the year to end June, slightly above forecasts but below the group’s medium term target of 6 percent.

The group said the results had been boosted by strength in the spirits market in the United States and double digit growth in emerging markets.

“The breadth of our good performance is reflected in the strength of the cash flow, in our double digit earnings per share growth and a recommended 9 per cent increase in the final dividend,” Menezes said.

“This year we have again made a strong business stronger and we remain on track to deliver our medium term guidance.”

Reuters