USA: Diageo Trading Statement
Diageo, the international food and drinks company, today announced the following trading statement ahead of its preliminary statement of results for the year ended June 30, 2000, which is to be issued on September 7, 2000. Commenting on this trading statement, Group Chief Executive John McGrath said: "In the year to June 2000 our Spirits and Wine business has performed strongly. We have achieved a high level of sales growth through volume growth, robust pricing action and mix improvement. This strength continues to be centered around the global priority brands and on our major markets. As anticipated Packaged Food will achieve modest organic growth in the year. Foodservice continued to perform strongly and in Pillsbury North America in the second half, we reduced marketing spend on trade promotions which had delivered volume growth in the first half of the year but not operating profit growth. Our beer business is developing a more efficient cost structure and margins have improved again in the year. In Quick Service Restaurants we have continued to implement a significant restaurant opening program and to drive strong International performance. We have also begun to implement the transformation program which has tested so well during the year. "Trading performance in the second half of the year was in line with our overall expectations at the time of our interim announcement and we are therefore on track to achieve our targets in terms of operating profit in the year just ended."
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