The Americas help Diageo offset sluggish Asia growth

Strong sales of alcohol in the Americas have helped European drinks firms to offset sluggish or non-existent growth in Europe and Asia.

Diageo, the world’s biggest spirits company, reported a 3.1% rise in sales for its first quarter, which ran to the end of September.

While sales rose by 10.9% in Latin America and the Caribbean, 5.1% in North America, they grew by only 1.3% in Africa, Eastern Europe and Turkey and by 0.6% in Asia Pacific — markets whose growth drinks firms have been relying on as austerity-hit Western Europe struggles. Sales in Western Europe fell by 1.1%.