Diageo, the world's biggest alcoholic drinks group, has reported pre-tax profits of £1.4 billion for the six months to the end of December, up slightly from a year earlier.
Underlying operating profits rose by 6% to £1.64 billion, but the company cut its profit growth target due to the global economic slowdown.
Diageo also announced a restructuring programme aimed at cutting £100m sterling from its cost base, to be seen largely in its 2009-10 financial year.
'Current economic trends indicate that consumer confidence will reduce further and the outlook for the second half is more difficult to predict,' CEO Paul Walsh said.
Digaeo said its performance in Ireland was impacted by another fall in the total alcoholic drinks market where volumes were down 3% and net sales were down 2%.
However, it said that sales of Guinness grew by 2% and its share of the market has increased in both the Republic of Ireland and Northern Ireland.
