Diageo shares slide on 2% profit rise

26 August, 2010

Diageo has reported a 2% rise in operating profit in the year to 2010.

The spirits giant said it had seen a strong second-half performance with net sales ahead by 6% and organic net sales growth of 2%.

Earnings per share increased by 13%.

Chief executive Paul Walsh said: “As expected this has been a year of challenges and opportunities.

“Our performance was much stronger in the second half than the first.

“Our performance in the developing markets drove overall growth, while markets in North America and Europe have remained weak.”

Diageo shares were down 18p at 1048p in early trading on the London Stock Exchange on Thursday morning.




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Talking terroir

When Bordeaux was in fashion, it seemed almost logical that we should fetishise winemakers. Here were people responsible for brilliant acts of blending, across large estates and multiple grape varieties, including superstars such as cabernet sauvignon and merlot. These days, fashion has moved on and pinot noir is ascendant. As a result, the star of the winemaker has fallen and we find ourselves following a new star in the sky: terroir.

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