Fiscal 2020 has started well for Diageo said chief executive Ivan Menezes ahead of its annual general meeting (AGM), which is due to take place today at 2.30pm in London.
In a trading commentary issued this morning, Menezes stated that the group is continuing to build on the momentum and consistent progress that is is making in the execution of its strategy.
"Our focus remains on delivering quality sustainable growth," he said.
"This is supported by a culture of everyday efficiency that enables us to invest smartly in marketing and growth initiatives while expanding margins."
Projections
Menezes said that based on the current environment, the group continues to expect fiscal 20 organic net sales growth to be toward the mid-point of the 4% to 6% range and organic operating profit growing roughly one percentage point ahead of organic net sales.
"This is consistent with what we are targeting over the medium-term." He highlighted.
"Due to a strong prior year comparable, for the first half we expect organic operating profit growth to be in-line with or slightly behind organic net sales growth." He added.
"However, we would not be immune from significant changes to global trade policy and continue to monitor this closely.”
© 2019 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click subscribe to sign up for the Checkout print edition.
