Diageo's new boss sets out vision for drinks giant Organic net sales rose 5pc in the year to June 30 to £11.4bn, while pre-tax profit edged up marginally to £3.123bn from £3.121bn the year before. However, sales growth fell short of the 6pc annual average Diageo is targeting over 3 years, as the maker of Johnnie Walker whisky and Smirnoff vodka came up against challenges such as a crackdown in China on extravagant government entertaining and economic slowdown in Brazil. Despite the problems in individual countries, Mr Menezes insisted Diageo's recent buying spree in the emerging markets - which included taking a 25pc stake in India's United Spirits and securing the remainder of Chinese baiju maker ShuiJingFang - would stand the company in good stead in the long-term. "Fundamentally this is going to be the fastest growing part of the world economically," he said, as the company recommended a 9pc increased in the final dividend to 47.4p. GDP growth in the emerging markets has slowed, Mr Menezes acknowledged but he said: "It's always going to be growing faster than the developed world and the demographics are really what is very attractive for us because you've got 1.3 billion consumers in the next decade that are going to come into the middle class." The new chief, who has been with Diageo since 1997, serving most recently as chief operating officer, said the company remained "on track" to meet its three-year goal of 6pc average sales growth per annum. The company is now two years into its medium-term goal. Diageo's diversity would help it to ride out tougher conditions in individual countries while its North American business, which accounts for 40pc of profits, would continue to provide a "competitive edge," Mr Menezes said, Diageo generated £3.7bn of net sales in North America last year, up 5pc, helped by price increases and a booming fashion for cocktails and scotch whisky. He insisted there was "a lot of growth still to go for" in the US, as one million Americans reach the legal drinking age of 21 every year, while increasingly wealthy Hispanic, Asian and Latin-American communities drink more expensive spirits. Last month, Diageo stopped distributing Jose Cuervo, the world's best-selling tequila, in America after long-running talks to buy the brand from Mexico's Beckmann family failed. The drinks giant is looking at "multiple avenues" to fill the hole left by Jose Cuervo, Mr Menezes said.