Diageo is the world's leading premium drinks business, I have a holding in my income portfolio (epic code: DGE)
Diageo released their first quarter IMS today stating that their performance was in line with
expectations, with organic net sales down 1.5%, volume down 3.5% and on a
reported basis net sales down 1.7%.
During the period net assets increased by £0.8bn from to
£8.4bn and net borrowings increased £2.0bn to £10.8bn; so gearing was similar to last year's year-end at 129%.
Management stated that emerging
markets' performance remains weak with further currency weakness in a few
markets and specific geopolitical situations in some areas. Performance has been strong in Turkey, East Africa,
India and Colombia and management expect the full year top line growth to improve
on last year's performance.
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