LONDON (dpa-AFX) - Diageo plc (DGE.L) announces that it expects organic operating profit growth to be at least 14 percent in fiscal 2021, slightly ahead of organic net sales growth. The company said its business has continued to deliver a good recovery across all regions.
Ivan Menezes, Chief Executive, said, 'I am very pleased with how our business is recovering in fiscal 21, our strong competitive performance across key markets and our robust cash generation. Our disciplined approach to capital allocation is unchanged.'
Meanwhile, Diageo said it is initiating the second phase of its ROC programme of up to £1.0 billion to be completed by the end of fiscal 2022. On 25 July 2019, the Board approved the return of up to £4.5 billion to shareholders in the three-year period.
Under the first phase of the ROC programme, Diageo repurchased shares to a value of £1.25 billion. The original completion date for the ROC programme has been extended by two years to 30 June 2024, due to the impact of Covid-19.
Copyright RTT News/dpa-AFX
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