28 September 2023          

Diageo issues trading commentary ahead of AGM 2023

Debra Crew, Chief Executive, commented:

“As I take the helm as Chief Executive of Diageo, I am excited to lead our teams around the world and by the many growth opportunities we see in front of us. Our expectations for fiscal 24 are unchanged from when we reported our fiscal 23 preliminary results on 1 August.

While we expect operating environment challenges to persist, with ongoing cost pressure and geopolitical and macroeconomic uncertainty, we will move with speed and agility and continue to invest in marketing and innovation. I am confident in the resilience of our business and our ability to navigate these headwinds while executing our strategic priorities.

We remain well-positioned to deliver our medium-term guidance for fiscal 23 to fiscal 25 of organic net sales growth consistently in the range of 5% to 7% and organic operating profit growth sustainably in the range of 6% to 9%. I firmly believe the strength of our portfolio, our diversified footprint and our deep consumer insights will drive sustainable long-term growth and generate value for shareholders.”

For further information please contact: 

Investor relations: 

Durga Doraisamy                                                              +44 (0) 7902 126 906

Andy Ryan                                                                          +44 (0) 7803 854 842

Brian Shipman                                                                   +1 (917) 710-3007

investor.relations@diageo.com

Media relations: 

Clare Cavana                                                                      +44 (0) 7751 742 072

Isabel Batchelor                                                                 +44 (0) 7731 988 857

press@diageo.com