Diageo upbeat as emerging markets continue to grow

Drinks group Diageo said strongly growing emerging markets and a slow recovery in North America helped to offset weakness in …

Drinks group Diageo said strongly growing emerging markets and a slow recovery in North America helped to offset weakness in Europe, prompting upbeat comments about meeting its 2012 targets.

The owner of Guinness said it expected the emerging markets of Latin America, Africa and Asia to continue to grow and was encouraged by North America, while Europe had now stabilised with flat sales. Chief executive Paul Walsh said with underlying half-year sales growing at 7 per cent the group was well-placed to meet its medium-term financial targets for 6 per cent annual sales growth, margin expansion and 10 per cent-plus earnings growth. – (Reuters)