UK: Spirits bolster Diageo as Burger King profits slump

UK-based drinks and food giant, Diageo, reported pre-tax profits of £1.228 billion for the six months to the end of December, a marginal improvement on the £1.189 billion last year, in line with analysts' forecasts. The first half results were hit by a 29% fall in earnings at the group's fast food business, Burger King, but the spirits division performed strongly, Diageo said.

February 21, 2002

Diageo reported that premium drinks volumes had increased by 5% in the six months, with net sales growth of 11% and an increase in operating margin of 1.2% percentage points to 21.7%.The global priority brands saw a 9% increase in volume with net sales rising by 15%.

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