In the three months ended 30 September 2009 net sales were down 6% on an organic basis against the comparable period. Net assets were £4,225 million at 30 September 2009, having been £3,936 million at 30 June 2009 reflecting operating profit in the period, some movements on reserves and a small impact from exchange rate movements.
Paul Walsh, Chief Executive of Diageo, commented:
'As we anticipated consumer trends across our markets remain broadly unchanged since the year-end. Therefore net sales in the first quarter of the new financial year have been weak when compared to the strong performance of the first quarter last year. In the first quarter of last year stock levels increased. However this year, stock levels have not risen in the first quarter and in our biggest market, North America, stock levels in our US spirits distributor channel are below those held at 30 June 2009.
'The restructuring programme is on track to deliver the forecast benefit of a £120 million reduction in costs year on year. In addition we continued to benefit from efficiencies in marketing spend and media rate deflation.
'The year has started as we thought it would and we reiterate our guidance for low single digit organic growth in operating profit in fiscal 2010.'
- les taylor
- Cask Strength Gold Member
- Posts: 4943
- Joined: Mon Apr 17, 2006 9:16 am
- Location: Gunwalloe
What does "organic basis" mean?[/quote]
It means no chemical pesticides or fertilisers. Hope that helps.
From what I read on the FT Alphaville blog Citi expect the shareprice to recover today's losses, as do Namura with a Buy recommendation and a target price of 1150p, while Cazenove are more bearish.
It means no chemical pesticides or fertilisers. Hope that helps.[/quote]
[quote="Ganga"]Nah, it means that it contains carbon.[/quote]
Should have expected these kinds of answers with the jokers that populate this site. Thank you for you incredible insight =Ãž
And yes, this was a serious question. I am not a business type person.
I hope my reply helped a little. I think we could be forgiven for thinking you knew a little bit about banking given your username, and could justifiably draw the conclusion that you were joking. I'm sure no offense was intended.
I hope my reply helped a little. [/quote]
Yes it did.
The story behind my username is silly, and in no relation to my line of work. I have taken no offense. In fact, it has been quite the opposite, rather entertaining. I take comfort in knowing people can joke on this site.
I am particularly fond of the "containing carbon" joke. It has been slow here at work; a good chuckle now and then has been nice.
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