Skip to content 
Search

Latest Stories

White Walker raises profits for Diageo

THE successful launch of a limited-edition Johnnie Walker whisky based on the supernatural White Walker from the TV series Game of Thrones helped Diageo boost profits, and the British spirits group announced Thursday (25) it will return billions of pounds to investors.

Profits and sales at Diageo may not have been dead, but the White Walker helped them rise nonetheless, with net earnings climbing 4.6 per cent to £3.16 billion in the firm's fiscal year that ended on June 30.


"Diageo has delivered another year of strong performance... with new product innovation being a strong contributor," said chief executive Ivan Menezes.

Among spirits, the sale of scotch whisky, which accounts for a quarter of the total, climbed by six per cent.

"Scotch growth was driven by Johnnie Walker, which delivered a strong performance with net sales up seven per cent, benefitting from the successful launch of 'White Walker by Johnnie Walker' inspired by the TV series Game of Thrones," said Diageo.

Sales of vodka returned to growth, led by Smirnoff, while sales of gin, which includes the Tanqueray and Gordon's brands, jumped by 22 per cent.

Beer sales, which includes Guinness, rose by three per cent.

Diageo, which just ended a share buyback programme worth nearly £3bn, announced it will return £4.5bn to investors over the 2020-2022 period.

"At first glance, you might have expected the numbers to leave investors feeling refreshed," said Russ Mould, investment director at AJ Bell, pointing to free cash flow and earnings coming in slightly below expectations.

"A premium-priced stock like Diageo can’t afford even a modest miss on estimates if a hangover is to be avoided," he added.

The firm's shares were down 2.3 per cent in morning trading in London, where the FTSE 100 index of blue-chip stocks was up 0.2 per cent.

(AFP)

More For You

tesla-fadnavis-mumbai

The showroom, located in Mumbai, was inaugurated by Maharashtra state's chief minister Devendra Fadnavis and opened to select visitors on Tuesday. (Photo: X/@Dev_Fadnavis)

X/@Dev_Fadnavis

Tesla makes India debut with Mumbai showroom

TESLA opened its first showroom in India on Tuesday, marking its entry into the country as the electric vehicle company looks for new customers amid declining sales in the United States and Europe.

The showroom, located in Mumbai, was inaugurated by Maharashtra state's chief minister Devendra Fadnavis and opened to select visitors on Tuesday. It will be open to the general public starting Wednesday.

Keep ReadingShow less
Tata-Steel

he Port Talbot EAF will produce up to 3 million tonnes of steel per year using UK-sourced scrap.

getty images

Tata Group begins construction of new Electric Arc Furnace in Port Talbot

TATA STEEL UK has started construction of a new Electric Arc Furnace (EAF) at its Port Talbot site in South Wales. Tata Group chairman Natarajan Chandrasekaran marked the groundbreaking ceremony on July 14, joined by Tata Steel CEO and managing director TV Narendran and Tata Steel UK CEO Rajesh Nair.

The EAF project is part of Tata Steel UK’s £1.25 billion plan to transition to low-carbon steelmaking, backed by £500 million from the UK government. The furnace is expected to be commissioned by the end of 2027 and aims to reduce carbon emissions at Port Talbot by about 90 per cent, or 5 million tonnes of CO₂ annually. The project is expected to support 5,000 jobs.

Keep ReadingShow less
Labour’s non-dom tax changes may cost £4bn, experts warn

Starmer and Reeves during a visit to Horiba Mira in Nuneaton in Nuneaton. (Photo: Getty Images)

Labour’s non-dom tax changes may cost £4bn, experts warn

PLANS by Labour to overhaul the tax rules for non-domiciled residents in the UK could cost the public purse up to £4 billion and result in the loss of thousands of private sector jobs, according to a new analysis.

A report by the Centre for Economics and Business Research (CEBR), shared with The Times, suggested that scrapping the current non-dom regime could lead to a sharp drop in tax revenues if even a fraction of those affected decide to leave the country.

Keep ReadingShow less
Tesla set to open first showroom in India

Elon Musk and Narendra Modi (right)

Tesla set to open first showroom in India

US CARMAKER Tesla is finally making its official debut in India with the opening of its first showroom in Mumbai.

The firm, led by Elon Musk, will unveil the new “Tesla Experience Centre” on Tuesday (15) at Maker Maxity Mall in the Bandra Kurla Complex, one of the city's top commercial hubs.

Keep ReadingShow less
Asian firm acquires Kings Court Hotel for £2.75m

UK-based Nanak Hotels acquired the 60-room Kings Court Hotel in Warwickshire for £2.75 million. (Photo: Colliers International UK)

Asian firm acquires Kings Court Hotel for £2.75m

UK-BASED Nanak Hotels recently acquired the 60-room Kings Court Hotel, a 17th-century property in Warwickshire, England, for £2.75 million. This is the first regional acquisition by the privately held firm led by British Indians Harpreet Singh Saluja and Karamvir Singh.

Nanak Hotels, which operates a UK property portfolio, plans to invest in the property's refurbishment and repositioning, according to a statement from Colliers International UK, which brokered the transaction.

Keep ReadingShow less