New markets raise Diageo profits

The growing thirst of emerging markets for whiskey, gin and vodka cheered Guinness and Baileys firm Diageo today as its western markets continued to suffer a debt hangover.

The group reported an 11% profits hike in the year to June 30, with spirits fuelling more than 80% of its growth as Johnnie Walker whiskey enjoyed an “exceptional” 15% sales surge, driven by strong demand in countries such as South Africa, Brazil and Asia Pacific.