Diageo report full-year sales near £13bn

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Diageo has reported sales grew 5.8% to £12.9bn in the year ended 30 June 2019. Operating profit was up 9.5% to £4bn.

Chief executive Ivan Menezes said, “Diageo has delivered another year of strong performance. Organic volume and net sales growth was broad based across regions and categories, with new product innovation being a strong contributor. We expanded organic operating margin ahead of our guidance and increased investment behind our brands ahead of organic net sales growth. Fiscal 19 has been another year of strong free cash flow delivery at £2.6 billion and we have returned £2.8 billion to shareholders via share buybacks.

He continued, “The board has approved plans for an additional return to shareholders of up to £4.5 billion over Fiscal 20 to Fiscal 22. Our focus on quality sustainable growth is backed by a culture of everyday efficiency that enables us to invest smartly in marketing and growth initiatives while expanding margins.

“These results reflect the steady progress we are making and as we look ahead we see attractive opportunities to deliver consistent growth and create shareholder value. In the medium term I expect Diageo to maintain organic net sales growth in the mid-single digit range and to grow organic operating profit ahead of net sales in the range of 5% to 7%.”

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