Diageo, which has come under pressure from investors to cut costs and reduce debt, also said it was adding $125mn to its cost-savings target, taking the total to $625mn over the next three years. Its shares rose 7 per cent in early trading before paring most of those gains. They closed up 3.77 per cent.

The company’s cost-saving effort involves some job cuts as it navigates trade disputes and a slowdown in alcohol consumption.

Diageo Plc’s shares surged the most in nearly five years after the drinks maker said it expects to maintain sales growth this year and announced more cost cuts after the sudden exit of its chief executive officer.