Drinks maker cuts annual sale and profit forecast for second time in four months amid weak demand in US and China

Diageo has slashed its dividend and cut its annual sales and profit forecast for the second time in four months, as the maker of Guinness warned of capacity constraints affecting drinkers of “the black stuff” in London pubs.

The world’s largest spirits maker – which owns brands including Smirnoff vodka, Johnnie Walker whisky and Don Julio tequila – reported weak demand in the US and China in the first results released under the new chief executive, Sir Dave Lewis.

Independents muscle in on craze for the black stuff with dark beers that use same nitrogen process as Irish favourite

Famously, according to the advertising slogan anyway, Guinness is good for you. But for the past couple of years, Guinness has been practically inescapable.

Backed by its owner Diageo’s £2.7bn marketing war chest, the brand has shaken off its “old man” reputation, becoming a staple of gen Z pub culture, exploiting its Instagrammable colour scheme and social media trends such as the “splitting the G” drinking game.