Emerging markets boost Diageo's bottom-line23 August 2012Guinness and Johnnie Walker maker Diageo increased full-year profits by 32% as growth in emerging markets offset a sales decline in Europe. Pre-tax profits hit £3.12 billion, up from £2.36 billion last year. Revenue increased 10% to £14.6 billion. Diageo continues to benefit from a growing middle class in worldwide markets - the firm recorded strong sales gains in Asia (18%), Africa (20%) and South America (22%). "We have increased our presence in the faster growing markets of the world, through both acquisitions and strong organic growth," said Paul Walsh, Diageo's chief executive. "We have enhanced our leading brand positions globally, through effective marketing and industry leading innovation and we have strengthened our routes to market." Although net sales in Europe were down 1%, the firm did increase operating profit off-the-back of strong scotch sales in Russia and Eastern Europe. Whisky contributed 35% of Diageo's net sales, justifying the Scottish firm's decision to invest £1 billion in the driving scotch sales, which were 12%. The firm's Johnnie Walker brand posted a 15% rise. | |
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