New growth markets drive Diageo profits

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Diageo, the world's biggest producer of spirits, has reported a big jump in annual profits, thanks in part to strong sales and acquisitions in emerging markets.

Pre-tax profit for the year to the end of June was £3.1bn, up 32% on the £2.4bn the company made in the previous year. Sales rose 10% to £14.6bn.

The maker of brands such as Guinness, Smirnoff, Baileys and Johnnie Walker did particularly well in Latin America

Chief executive Paul Walsh said that apart from the new growth markets his company was also still seeing increases in sales in Europe and the US.

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