Diageo has maintained its full-year guidance for its 2008/2009 fiscal year, after delivering a lift in sales in its first quarter.

The alcoholic drinks giant said today (15 October) that it will stick to its forecast of organic operating profit growth of between 7% and 9%.

Organic net sales growth in the three months to the end of September was 6% on the corresponding period a year earlier, the company said, noting also that there had been "no material change" in the financial position of the group during the period.

"As we anticipated, global GDP growth has slowed since the beginning of the financial year," Diageo's CEO, Paul Walsh, said at today's AGM. "Although these challenging economic trends have affected our business, the strength and diversity of Diageo has delivered a good trading performance in the first quarter.

'While we have not seen significant adverse changes in our markets in the first quarter, we will be alert to the impact the recent dislocation in the financial markets is likely to have on trade customer and consumer behaviour during the rest of the financial year.

Diageo noted that GBP277m of share repurchases - as part of its share buyback programme - were the principal reason for the movement in net assets from GBP4.2bn at the end of June to GBP4.1bn at the end of September.

At the end of August, Diageo posted a 2% year-on-year lift in net profit for the year to the end of June, coming in at GBP1.52bn (US$2.79bn). Sales lifted on a reported basis by 8% to GBP8.09bn. Operating profit also headed north, climbing by 3% on a reported basis to GBP2.23bn.