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Diageo looking to offload beer brands, but not Guinness

Published Dec 06, 2023 14:03 Updated Dec 06, 2023 14:41
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© Reuters. Diageo looking to offload beer brands, but not Guinness
 
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Proactive Investors - Diageo PLC (LON:DGE) is looking for buyers for its beer brands, apart from Guinness, after falling to a three-year low on the back of a profit warning last month.

The lower profits from beer are diluting the margins from the FTSE 100-listed giant's spirits business, a report from Axios said.

It has been touting brands ranging from Irish tipples Kilkenny and Harp, to Tusker and Senator in Kenya and SeyBrew in the Seychelles.

Last year, the sale of Ethiopian beer brand Meta Abo was made to Castel’s BGI for an undisclosed sum - later registering a loss of £95 million - after it had purchased the brewer from the Ethiopian government in 2012.

In recent weeks, Diageo shares have traded close to three-year lows, after its warning that slower growth was expected in the second half of the year after a “materially” weaker sales performance in Latin America and the Caribbean.

It said that operating environment challenges were expected to persist, with ongoing cost pressure and geopolitical and macroeconomic uncertainty.

The company is led by chief executive Debra Crew, after long-time boss Sir Ivan Menezes died in June.

Read more on Proactive Investors UK

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Diageo looking to offload beer brands, but not Guinness
 

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John Ford
John Ford Dec 06, 2023 18:52
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This great company needs a safe pair of hands...
 
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