Diageo PLC on Thursday said its financial year 2023 has started well, with organic net sales growth across all regions.

Diageo’s financial 2023 started on July 1.

The company that owns Guinness, Baileys, Tanqueray, Johnnie Walker, Smirnoff and Captain Morgan, among others, however noted it faces several headwinds.

‘We expect the operating environment to remain challenging with ongoing volatility due to geopolitical uncertainty, a weakening of consumer spending power, inflationary pressures and disruption related to Covid-19,’ said Chief Executive Officer Ivan Menezes.

He stated the London-based alcoholic beverage company is ‘well-positioned’ to deliver on medium-term guidance for financial year 2023 to financial year 2025.

That guidance stands at organic net sales growth in a consistent range of 5% to 7% and organic operating profit growth between 6% and 9%.

Diageo shares fell 0.4% to 3,766.50 pence each in London on Thursday morning.

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