Paul Walsh, Diageo’s chief executive, remained steadfastly optimistic in the face of slumping economies and political turmoil in Russia, claiming sales of the distiller’s whiskies and vodkas could withstand all kinds of economic cycles.

Shares in Diageo rose 20½p to £10 on Thursday as Mr Walsh reported a 9 per cent rise in operating profits to £2.3bn ($4.2bn).