Diageo PLC (LSE:DGE) said it made a "good start" to the 2023 fiscal year, reporting organic net sales growth in all regions.
In a very short statement ahead of its annual general meeting, the FTSE 100 maker of Smirnoff vodka, Guinness stout and Tanquerey gin said it expects the operating environment to remain “challenging” and volatile on the economic downturn, recession fears, low consumer confidence, inflation and pandemic-related disruptions.
Despite the glum global outlook, chief executive Ivan Menezes said the group was still "well-positioned" to deliver its medium-term guidance of organic net sales growth “consistently” between 5% and 7% in the current year to June 2023 to the end of June 2025.
Menezes said he also had faith in the company to reach organic operating profit growth sustainability of 6% to 9% in the same period.
Diageo’s shares were changing hands 0.3% higher at 3,793p following the news on Thursday morning.