Diageo shareholders were toasting chief executive Ivan Menezes after he said they can expect to receive billions of pounds in share buybacks or special dividends. The Smirnoff, Johnnie Walker and Guinness producer announced that organic profit should grow by at least 14% in the year to 30 June.

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Ben Branson

Ben Branson: Why non-alcoholic pricing is right

The pricing structure of non-alcoholic spirits has a high level of elasticity - there’s already a broad spectrum of price points which consumers are trying to navigate.

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