Diageo, the world's biggest producer of alcoholic drinks, said its annual net profit jumped nearly 17%, as rapid emerging markets growth offset weak demand in Europe and North America.
Diageo's pre-tax profits increased by £121m sterling from £2.239 billion to £2.360 billion for the year ended June 2011. Sales for the year rose by £274m from £12.9 billion to £13.23 billion after a stronger performance in the second half of the year.
The company said that while it is not immune from a fragile global economy, the results show it has a strong platform.
On Ireland, Diageo said that high levels of unemployment and personal tax increases here continued to restrict consumer spending, particularly in the pub business.
It said that Guinness remained the best selling beer in Ireland, but net sales declined due to lower sales in pubs, while the volume of Diageo's packaged beer increased in the growing off-licence trade.
Baileys, which is produced only in Ireland, is the world's number one liqueur and saw a return to growth during the year. International sales grew by 9%, with net sales in emerging markets up by 21%.
Bushmills grew net sales in all regions with an especially strong second half, driven mainly by a 29% net sales increase in Russia and Eastern Europe.
'Diageo is a strong business as these results show,' commented the company's chief executive Paul Walsh.
'We have strengthened the business, investing more behind our brands and in our routes to market and we have deepened our leading brand and market positions in the fastest growth markets of the world,' he added.
