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Evening Standard

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Simon Hunt

More than £15 billion wiped from European drinks makers after Diageo profit warning

Diageo Europe Debra Crew Scotch

More than £15 billion was wiped from the market value of Europe’s biggest drinks makers today after Diageo warned of a sudden slump in demand for its spirits.

The Gordon’s and Smirnoff owner said sales Latin America were expected to drop by more than 20% year-on-year, causing the firm to slash its profits forecasts.

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