GUINNESS-OWNER DIAGEO has reported a growth in profits and sales this year despite a “challenging cost environment”.
Diageo’s operating profit grew by 5.1% to £4.6 billion compared to the previous financial year. Reported operating margin declined by 147bps, but this was offset by exceptional operating items and foreign exchange.Advertisement “We have delivered strong fiscal 23 full-year results, with organic net sales growth of 6% and organic operating profit growth of 7%, both within our medium-term guidance. We expanded organic operating margin by 15 basis points in a challenging cost environment while continuing to invest in the business,” she said.
“Through free cash flow delivery, we increased our capital expenditure, acquired a number of brands to strengthen our exposure to attractive categories and bolstered our investment in maturing stock in fiscal 23, positioning us well for sustainable, long-term growth.”