Diageo has hailed a strong performance from North America in its full year, with emerging markets continuing to prop up Western Europe in the period. The company said that net profits for the 12m to end June 2013 came in at £2.59BN, a year-on-year rise of 25.2%. The marked increase was mainly due to a reduced reported tax rate for the year, down to 16.9% from 33.3% a year earlier. Net sales in the period were up by 6.2% on a reported basis - by 5% in organic terms - to £11.43BN, while operating profits rose by 8.6% to £3.43BN. Net sales in the North American region rose by 5% in the year, as the Africa, Eastern Europe, Turkey and Latin American & Caribbean regions both delivered double-digit sales increases. Sales in Western Europe fell by 4%, Asia Pacific increased sales by 3%. In the statement, new CEO Ivan Menezes confirmed that Diageo remains "on track to deliver our medium-term guidance." The company is targeting sales year-on-year growth of 6%.
