- Volumes down in all markets
- Profits to fall in second half
This was never going to be an easy set of results for Diageo (DGE), with investors nervy after an unscheduled update in November cut guidance and delivered the bitter news that organic net sales would fall by more than a fifth in the spirit giant’s Latin America and Caribbean (LAC) market. A capital markets day in the wake of that update failed to reassure, and continued market wariness was seen in the markdown of the shares after the release of these interims in which demand weakness in US spirits was apparent.