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Over the first half of the year, drink manufacturer Diageo‘s profit turned out lower than expected. Guinness‘ parent company blames it mostly on the weaker Euro.
Growth for underlying turnover
Diageo’s total turnover dropped 5% to 5.6 billion pounds (€7.3 billion) over the first six months of the fiscal year, mainly because of exchange rate fluctuations as underlying turnover did increase 1.8%. Volumes sold also grew 1% and according to Diageo, exchange rates were the cause of turnover being 125 million pounds (€164 million) lower.
The liquor manufacturer’s net profit dropped 156 million pounds (205 million euro), down to 1.4 billion pounds (€1.84 billion).
Diageo expects exchange rates to have a lower impact in the second half of the fiscal year, with a full year impact of 85 million pounds (112 million euro). Diageo’s previous forecasts pointed towards a 100 million pound (131 million euro) impact.
