Diageo Loses £400 Million Net Sales In H1

In the six months to December 2015, the world’s largest alcoholic drinks group reported a net sales decline of 5% to £5.6bn. Diageo also saw its operating profits fall £156m (3%) to £1.7bn. The firm blamed adverse exchange rates against the sterling, including the euro, Venezuelan bolivar and the Brazilian real. Diageo estimates that if current exchange rates persist, its full year 2015/16 net sales could plummet by £260m.