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Diageo profit inches up
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September 7, 2000: 4:50 a.m. ET
UK drinks maker posts annual earnings up 2.7%, at lower end of expectations
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LONDON (CNNfn) - Diageo, the world's biggest beverage company, reported on Thursday a 2.7 percent gain in full-year profit, on the lower side of analysts' expectations.
The British maker of Johnnie Walker whisky, Guinness beer and Smirnoff vodka said profit before tax, goodwill and exceptional items rose to £1.815 billion ($2.627 billion) in the 12 months ended June 30. That's up from £1.767 billion a year earlier. Sales rose 4 percent to £11.87 billion.
Analysts polled by Reuters had expected profit between £1.813 billion and £1.855 billion.
Net profit rose to £976 million from £942 million.
Shares in Diageo were up 1.9 percent at 579.5 pence in morning trade in London.
Paul Walsh, group chief executive, said the earnings reflected the company's decision to focus on our core beverage alcohol business. The company is selling its Pillsbury food unit and plans to offer stock in its fast-food chain Burger King division.
Diageo and Pernod Ricard SA of France said last month they would make a joint bid for the wine and spirits unit of U.S. entertainment and beverage maker Seagram Co. (VO: Research, Estimates), which industry analysts value around $7 billion. 
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Diageo
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