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Diageo: investors raise a glass to new fiscal year

( - Diageo said on Thursday that its 2021/2022 fiscal year has started well, with the world's leading spirits company benefiting from strong performance in North America and a stronger-than-expected recovery in Europe.

Citing "excellent execution", the UK group believes that it will be able to improve its operating margin, driven by what it sees as a favourable "mix", while confirming trends towards "premiumisation".

As it already said, before the shareholder general meeting the group is managing growing inflationary pressures well, which are partly due to difficulties in the supply chain.

Investors cheered this news, with the share up strongly in London on Thursday.

At around 10.40am (local time), Diageo's shares were up about 2%, outperforming the STOXX Europe 600 Food & Beverage index (+0.8%).

YTD, the share price has risen by over 25%, compared to +10% for the sector index.

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