Half Year 2024 Diageo PLC Earnings Call Transcript
Good morning, everyone, and thank you for joining our interim results call for fiscal '24. I hope you had a chance to read our press release and watch our presentation on Diageo.com.
The first half of fiscal '24 was challenging as we lapped high single-digit growth in the prior year and faced an uneven consumer environment alongside the inventory challenges in LAC. Performance in the half was in line with the update we issued in November. The group's organic net sales, or NSV, declined 0.6% in the first half of fiscal '24, and organic operating margin declined by 167 basis points. Excluding LAC, organic net sales grew 2.5%, driven by good growth in Europe, Asia Pacific and Africa. And our group organic operating margin declined 53 basis points, excluding LAC, and that's entirely driven by an increase of 70 basis points in our marketing reinvestment rate.
We unlocked a further $335 million of productivity cost savings across cost of goods, marketings and overheads. We generated strong free cash flow of $1.5 billion, up $0.5 billion
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