Drinks company Diageo reported a 6 per cent rise in annual pre-tax profits today and said it saw signs of trade improving in North America, Britain and Spain.
The owner of Smirnoff vodka, Johnnie Walker scotch and Guinness reported pre-tax profits before exceptionals of £2.156 - largely in line with analysts' forecasts.
"There are signs that trading conditions are improving in North America, Great Britain and Spain, but further evidence of a more broadly based recovery will be required before we conclude that there is a sustainable upturn," said group chief executive Mr Paul Walsh.
Diageo shares have traded in line with the DJ Stoxx European food and beverage index but underperformed rival Allied Domecq by 13 per cent since Diageo stock hit a low of 570p in mid-February.