DGE Diageo Plc

RNS Number:5553Q
Diageo PLC
7 September 2000


PART 1


7 September 2000 
 
 
DIAGEO ANNOUNCES ORGANIC OPERATING PROFIT GROWTH OF 11% 
TO #1,980 MILLION AND EPS UP 8% TO 37.3 PENCE 
 
 
 
Diageo today announced its preliminary results for the year ended 30 June
2000.* 
 
 
Lord Blyth, Chairman of Diageo, said: 
 
"The business and financial performance delivered in this financial year is
in line with our goals and expectations for the year. On an organic basis
turnover grew 4% to #11,870 million and operating profit grew 11% with
particularly strong performances from Spirits and Wine, up 15% and Beer up
14%. Free cash flow was up nearly #500 million to #864 million. 
 
The new financial year has begun well. Our businesses continue to perform in
line with our expectations and we look forward to the future with
confidence." 
 
 
Paul Walsh, Group Chief Executive of Diageo, said: 
"Our performance in this financial year illustrates the rationale behind our
recently announced decision to focus on our core beverage alcohol business.
Diageo's combined Spirits, Wine and Beer business has achieved significantly
higher top and bottom line growth in the year. Investment in our premium
beverage alcohol brands, focus by individual market and innovation to find
new ways of delivering our brands to consumers together with continued
emphasis on the reduction of our cost base will continue to be the drivers of
improved performance. We have made changes in marketing focus in Packaged
Food during the year and our brands are now well positioned to benefit from
the combination announced with General Mills. In Burger King, we believe we
have the programmes which will deliver improved performance."  
 
 
 
*Unless otherwise stated percentage movements given throughout this statement
for turnover, operating profit and marketing expenditure are organic
movements (at level exchange and after adjusting for acquisitions and
disposals). They include merger cost savings achieved in the year and are
before goodwill amortisation and exceptional items. Comparisons are with the
equivalent period last year.  
PRELIMINARY STATEMENT OF RESULTS 
FOR THE YEAR ENDED 30 JUNE 2000 
 
 
 
FINANCIAL HIGHLIGHTS 
 
 
* Turnover up 4% to #11,870 million 
* Operating profit up 11% to #1,980 million 
* Spirits and Wine up 15% to #1,002 million 
* Beer up 14% to #284 million 
* Packaged Food up 1% to #492 million 
* Quick Service Restaurants up 6% to #202 million 
* Profit before goodwill amortisation, exceptional items and tax #1,815
  million 
* #125 million underlying improvement in economic profit 
* Basic EPS excluding goodwill amortisation and exceptional items up 8% to
  37.3 pence 
* Final dividend 12.6 pence per share. Full year dividend 21 pence per share,
  up 8% 
* Free cash flow up nearly #500 million to #864 million 
 

IN THE YEAR

* Achieved turnover growth of 6% in the combined beverage alcohol businesses
  and operating profit growth of 15% 
* Continued to invest behind beverage alcohol brands with marketing spend up
  10% 
* Improved overall operating margin by 1.0 percentage points driven by 1.4
  percentage points growth in the operating margin in beverage alcohol 
* Volume of the global priority brands in Spirits and Wine grew 5% 
* 1,120 restaurants are committed to the transformation programme in Burger
  King 
 
SINCE THE 

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