Currency weakness to pull €200m off Diageo profits

Guinness owner, Diageo, has warned that the weakness of the euro and emerging market currencies, against sterling, could reduce annual profits by £150m (just over €200m) this year.

The London-headquartered international drinks giant offered the assessment, yesterday, as part of a trading update, ahead of its AGM.

Although Diageo’s current financial year is less than three months old and runs to the end of next June, and the estimate is based on current rates, it marks a slight worsening.