Unexpected recovery lifts spirits at Diageo | Business

The drinks group behind Johnnie Walker Scotch whisky and Captain Morgan rum toasted a faster recovery than expected in Europe after positive trading in pubs and bars.

In an upbeat trading update yesterday before its annual meeting, Diageo said that it had made a strong start to its financial year, with “organic net sales momentum across all regions”.

Ivan Menezes, the FTSE 100 group’s chief executive, said the performance reflected “excellent execution” and enabled the company to benefit from “resilience in the off-trade and continued recovery in the on-trade”.

He said that the group remained cautious, however, adding: “We expect near-term volatility to remain, including the potential impact of any future waves of Covid-19.”

Diageo, which was created in 1997 through the merger of Guinness