Home Brexit Guinness owner Diageo plays down Brexit impact

Guinness owner Diageo plays down Brexit impact

by LLB Reporter
31st Jan 19 3:10 pm

Drinks giant, Diageo has played down the possible outcome of any Brexit impact, the drinks company said that a no-deal scenario would have a “limited” impact on their supply chain.

Diageo shares soared to an all-time high Thursday morning, at 4.7% or 2,903p, after releasing the company’s latest results.

Underlying profits were up at £2.45bn, 12% higher, worldwide net sales increased to £6.9bn with a 5% rise across Europe, Guinness sales were up at 6%.

Steve Clayton, manager of Diageo investor Hargreaves Lansdown Select Funds said, “Diageo has the strength of brands and global reach to be able to prosper in almost any environment.

“Unsurprisingly, for a group that turns water into something stronger than wine, Diageo generates a lot of cash and the company threw off another £1.3bn in these last six months alone.

“These figures show the underlying strength of Diageo, with good growth across the board, despite a volatile macro-economic backdrop.”

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