Organic net sales grew 6.5%, with reported volume declined by 7.4%, and organic volume declined by 0.8%.

Chief executive of Diageo, Debra Crew, said: “In fiscal 23, we drove double-digit organic net sales growth in scotch, tequila, and Guinness, with our premium-plus brands contributing 57% of overall organic net sales growth. We delivered strong growth in four of our five regions, with Europe and Asia Pacific growing double-digit. 

“North America delivered stable performance as the US spirits industry continued to normalise post-pandemic, and we lapped strong comparators, particularly in the second half of fiscal 23,” Crew added.

Growth in organic net sales was delivered across most categories, particularly in the company’s three largest categories of scotch, tequila and beer.

Premium-plus brands comprised 63% of reported net sales, a 7% increase from fiscal 19.

“Our culture of everyday efficiency and strong pipeline of productivity initiatives drove £450 million of savings in fiscal 23, fuelling sustained investment in brand building,” Crew added.

The company saw the acquisition of Mr Black coffee liqueur, Balcones Distilling and Don Papa Rum, along with the sale of Guinness Cameroun S.A., the disposal of Archers and the disposal and franchising of a portfolio of brands in India.

“Looking ahead to fiscal 24, I expect operating environment challenges to persist, with continued cost pressure and ongoing geopolitical and macroeconomic uncertainty. This requires us to move with greater speed and agility,” added Crew.

“My near term opportunities to drive the business focus on bolder and faster innovation, stepping up operational excellence to meet consumers' evolving tastes and preferences while driving scotch, tequila and Guinness.”