Business Context and Reporting Period
Company: Diageo plc
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: April 24, 2025
Reporting Period: Historical unaudited data for Fiscal Year 2024 (F24) Q3 (ended March 31, 2024) and the nine months ended March 31, 2024. The filing also provides unaudited data for F25 Q1, Q2, and H1 (ended December 31, 2024).
Diageo is a global leader in beverage alcohol, operating in nearly 180 countries with brands including Johnnie Walker, Smirnoff, Guinness, and Baileys. The company announced a commitment to more regular quarterly trading updates, with the next F25 Q3 update scheduled for May 19, 2025.
Key Financial Metrics
The filing provides unaudited historical comparative figures for F24 Q3 and the nine months to date. Profit, cash flow, debt, and liquidity metrics are not included in this specific filing.
| Metric | F24 Q3 (Ended Mar 31, 2024) | F24 9 Months (Ended Mar 31, 2024) |
|---|---|---|
| Reported Net Sales ($m) | $4,253 | $15,215 |
| Organic Net Sales Growth (YoY %) | -2.5% | -1.2% |
| Organic Volume Growth (YoY %) | -3.6% | -4.7% |
Regional Performance (F24 Q3 Organic Net Sales Growth):
- North America: -4.7%
- Europe: -3.5%
- Asia Pacific: 1.5%
- Latin America & Caribbean: -19.8%
- Africa: 17.1%
Material Changes vs. Prior Period
For the third quarter of F24, reported net sales declined by 2.5% on an organic basis compared to the prior year, driven by a 3.6% decline in organic volume. Over the nine-month period, organic net sales declined by 1.2%, with organic volume down 4.7%.
Performance was mixed by region in F24 Q3:
- Declines: Significant organic sales declines were observed in Latin America & Caribbean (-19.8%) and North America (-4.7%).
- Growth: Africa delivered strong growth of 17.1%, while Asia Pacific grew by 1.5%.
The filing notes that F25 organic growth rates (for periods ending Dec 31, 2024) are adjusted for completed acquisitions and disposals, including the acquisition of Cacique completed on January 23, 2025.
Guidance, Outlook, and Risks
Outlook and Updates: Diageo committed to publishing quarterly trading updates. The next update for F25 Q3 (ended March 31, 2025) is scheduled for May 19, 2025. A F26 Q1 update is expected before the AGM in November 2025. These updates will include group and regional reported net sales, organic net sales growth, and organic volume growth.
Risks and Contingencies: The filing includes a standard cautionary statement regarding forward-looking statements. Risks cited include trends in results of operations, margins, growth rates, market trends, interest and exchange rate changes, financing costs, tax environment changes, litigation outcomes, and general economic conditions. The filing does not provide specific new risk factors beyond these standard disclosures.
Investor Verification Checklist
- Volume vs. Price Mix: Verify the extent to which the -2.5% organic sales decline in F24 Q3 was driven by volume (-3.6%) versus price/mix.
- Latin America Performance: Investigate the drivers behind the significant -19.8% organic sales decline in Latin America & Caribbean for F24 Q3.
- Acquisition Impact: Confirm the financial impact of the Cacique acquisition (completed Jan 2025) on F25 H1 organic growth figures.
- Upcoming Guidance: Monitor the F25 Q3 trading update scheduled for May 19, 2025, for updated forward-looking statements and margin commentary.
- Missing Data: Note that this filing does not contain data on profit, cash flow, debt levels, or liquidity; refer to the Annual Report (Form 20-F) for these metrics.