World Business Briefing | Europe: Britain: Mixed Report by Liquor Maker
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Diageo, the worldâs largest producer and distributor of alcoholic drinks, reported a 23 percent decline in first-half profit but raised its full-year forecast for profit growth from existing operations. The company, which is based in London, announced a Â£100 million ($195.6 million) expansion of its Scotch whiskey operations in anticipation of continued long-term demand in emerging markets. Diageo said profit fell to Â£895 million ($1.75 billion) in the six months ended Dec. 31, from Â£1.17 billion a year earlier. The company said profit excluding one-time items was up 4 percent, to Â£1.31 billion, and it raised its forecast for profit growth this year to 8 percent from 7 percent.
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Cadbury Schweppes Plc, the maker of Dr Pepper and 7Up, said results will be at the ``lower&#39;&#39; end of the range it has targeted in the current fiscal year because of lack of demand in the US and European drinks markets.
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UK companies lag behind their European counterparts in offering flexible working, a report suggests.
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The pound was firmer, hitting 1.9846 usd at one point -- its highest level this year, on news of a major stock market acquisition and as markets scaled back their interest rate cut expectations. Scottish & Newcastle, the UK's largest brewer, announced it has agreed to be bought by Carlsberg and Heineken, for around 7.6 billion pounds.
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Write-downs at a British mortgage lender and a new warning from the Bank of England prompt cautious trading in the UK; continental response is more muted.
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Diageo, the world's biggest maker of alcoholic drinks, has said that its net profit surged by 42 percent to 1.908 billion pounds (2.831 billion euros, 3.639 billion dollars) during its financial year, boosted by strong sales in the United States.
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Bermuda-based drinks group Bacardi, maker of the world's leading rum brand, has written to the the Swedish government to express its interest in buying Swedish vodka brand Absolut, the Financial Times reported Monday.
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The world&#39;s second-biggest spirits group, Allied Domecq, today reported a 6% rise in annual profits, boosted by a change in US tastes from beers to spirits.
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Business & money: Britain's music shops receive badly needed good news with industry figures showing British shoppers led the world in CD purchases in 2006.
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The world&#39;s biggest confectioner, Cadbury Schweppes, says its full-year results will be at the lower end of target ranges after a wet summer hit soft drinks sales in Europe.
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Coca-Cola says earnings for the rest of 2004 will lag current Wall Street expectations because of weakness in key markets, further highlighting the divergent fortunes of the world&#39;s largest soft drink maker and its top rival PepsiCo.
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European stock markets showed mixed fortunes in early trading following a downbeat performance on Wall Street at the end of last week, with the London FTSE 100 up 0.03 percent to 4,855.6 points.
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The brewery, struggling with domestic weakness, falls short of its earnings target.
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Gallaher Group, which makes Silk Cut and Benson &amp; Hedges cigarettes, yesterday announced a small rise in profits for the first half of the year but said it was facing tough trading outside Britain, especially in Germany and Ireland.
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European equity markets were mixed shortly after the opening on Wednesday following the military coup in Thailand, which sparked overnight losses in Asian markets.
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Britain's teeangers are among the heaviest drinkers and drug-users in Europe, research has found.
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Britain might currently be struggling for Olympic medals in Athens, but if drinking to excess were a competitive sport, there seems little doubt its nationals could beat all-comers.