Diageo has reported another strong set of financial results, boosted by rapid growth in emerging markets.
The owner of Guinness and Johnnie Walker said sales for the year to 30 June were up 6% to £10.8bn. The engine room for that growth was emerging markets, where sales grew by 15%.
Emerging markets now account for almost 40% of the Diageo business – a percentage that is growing due to recent acquisitions.
Notably, Diageo added £320m to sales through the purchase of Turkish company Mey Içki in 2011.
Margins in emerging markets are also higher, helping Diageo grow operating profits over the year by 9% to just short of £3.2bn.
“Diageo is a strong business, getting stronger and the results we released this morning show that very clearly,” said Diageo chief executive Paul Walsh.
Investec analyst Martin Deboo said Diageo had “delivered on its promises today”.