Diageo is set to report a 5% rise in annual profits to £2.9bn on Thursday, on sales of £10.1bn.
Sales are expected to have remained tough in Europe, where Guinness sales fell 6% in the first half.
UPDATE
•Stronger second half performance with improved price/mix and operating margin expansion led to 5% organic growth of net sales and operating profit for the full year. Volume growth remained at 3%
•Volume growth and price/mix driven by 16% growth in scotch in the emerging markets and 24% growth in the reserve brands portfolio in the developed markets
•Gross margin expansion of 70 basis points driven by improved mix in emerging markets and North America, and efficiencies across our Global Supply operations
•Organic marketing spend up 8% to 15.5% of net sales, mainly in emerging markets and for key spirits brands in the United States
•Continued strong free cash flow of £1.7 billion
•Recommended increase in the final dividend of 6%
•In May Diageo announced an operating review which is expected to reduce cost of goods and operating costs by approximately £80 million per annum by the end of fiscal 2013. The total cost of the changes which have been identified is expected to be £160 million, of which £77 million was taken as an exceptional charge this year
•Diageo expanded its presence in faster growing markets: a controlling stake in Serengeti Breweries in Tanzania, an equity stake in Halico in Vietnam, the acquisition of Mey Icki in Turkey, an additional investment in ShuiJingFang in China and a controlling stake in Zacapa super premium rum, totalling £1.6 billion