Stock Take

Diageo shares drop 14% on weak growth forecasts for 2024

Drinks giant predicts 20 per cent decline in sales in Latin America and Caribbean markets due to macroeconomic factors

Barry O'Sullivan, managing director, Diageo Ireland. Shares in the British drinks giant took a dive on Friday after the company warned of weaker performance in Latin America and the Caribbean

Shares in Diageo, the British drinks giant which owns brands such as Guinness, Carlsberg, Bailey’s and Smirnoff vodka, dived over 14 per cent on Friday after the company warned of a weaker performance in Latin America and the Caribbean.

The company now expects group organic operating profit growth for the first half of fiscal 2024 to decline compared to the corresponding period last year.

The update will no doubt concern both investors and punters who ...