Diageo Plc expects this year's market currencies to knock 175 million pounds

The world's biggest spirits company Diageo Plc expects this year's sell-off of some emerging market currencies to knock 175 million pounds off-net sales and 45 million of its full-year profits, the company said on Thursday.

In recent weeks, we have experienced some increased emerging market foreign exchange volatility, which has been partially offset by a strengthening of the dollar," Chief Executive Ivan Menezes said in an update ahead of its 2018 meeting of shareholders.

"Based on current rates we currently expect the exchange to have a negative impact on net sales of 175 million pounds and a negative impact on operating profit of 45 million pounds for the fiscal year."