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Home Retail Diageo profits boosted by emerging markets

Diageo has reported a five per cent rise in annual profits. The company’s pre-tax profits for the year to the end of June was £2.36billion.

Diageo is the drinks group behind brands such as Guinness, Smirnoff and Johnnie Walker.

The company managed to make profits grew to the growth in emerging markets and North America made up for problems in Europe.

Diageo has been busy buying up brands around the world and announced on Wednesday that it had completed the acquisition of Mey Icki in Turkey.

However, chief executive Paul Walsh warned that Diageo was “not immune from a fragile global economy”.

Mr Walsh told BBC News that he was confident the company could still find areas of growth if there was another global recession.

He said: “We’re going to see a relatively low growth period for the developed markets, however within those markets there will be growth opportunities.

“As these numbers demonstrate, we are able to seize those opportunities, not least because of our very strong brands and also our very strong presence in scotch whisky.”

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