Diageo has reported a 7% rise in new sales and a 9% rise in operating profit, but admits that it is entering the new financial year facing slowing profit growth.

In an announcement of its year-end results today, the drinks giant said that sales of scotch in Latin America, premium brands in North America and beer in Africa had been the main drivers of top and bottom level growth, and helped account for a 2.7% increase in full year net profit.

Net sales in Europe were up 3%, accounted for by growth in the UK, eastern European and Russian markets. Despite ...