Diageo is hit as British rein in their drinking

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Today's half-year results from booze giant Diageo suggest a degree of temperance is taking hold as even thirsty Brits look to cut spending.

In the half year to December, sales in the UK were falling behind its continental neighbours, although Britons are still lapping up vodka and Baileys. Smirnoff and cream-based liqueur Baileys remained popular but overall sales declined in the UK and were flat in Europe, supported by double-digit growth in France and Germany.

Diageo, which saw a 12% rise in pre-tax profits to £1.8 billion in the period, said UK sales were hit by a decision to hold firm on prices and cut the number of promotions.

Deirdre Mahlan, finance director, said: "We have reduced promotional activity in Britain to support brand equity. This has led to a cut in volumes and net sales."

Sales in North America are up 5%. One product selling well there is Guinness Black Lager, recently launched and not yet available here.

Sales of the (fizzy) black stuff are up 9%.
The interim dividend rises 1.1p to 16.6p.