Drinks group, Diageo, issued a pre-closed period statement on 8 July, warning that its results for the year to 30 June could be affected by adverse exchange rates.

The company said that they "are expected to impact reported profit before exceptionals and tax for the full year by c£95 to £100 million".

Profits will also be hit by restructuring costs during the year of about £50m before tax, a figure not treated as an exceptional item.

Trading in the second half of the year is reported to have been in line with expectations and, as a result, performance trends for the full year are expected to be similar to those of the first half.