Jeremy Cunnington, alcoholic drinks senior analyst said: “Diageo is in a stronger position than pre-crisis due to a more balanced presence in developed and emerging markets. The results may not reflect this in the short term. However, in the long term it is in a good position to exploit international growth opportunities.

“Key to the company’s results will be performance in North America and the impact of vodka price promotion or growing premiumisation particularly in whiskies. It will also be interesting to see how well Diageo’s investments in emerging markets are performing.” 

Diageo will announce half-year results on Thursday, 29 January 2015.