In addition, the company’s acquisition strategy should further improve its range of premium spirits. And, thanks to new products in the zero-alcohol and ready-to-drink segments, the firm is in a strong position to react to evolving consumer trends.

Meanwhile, it is well placed to benefit from economic reopening following the pandemic. It has suffered from the effects of travel restrictions and lockdown measures on travel sales and on-trade revenue over the past two years. Now that both areas are likely to have reached their lowest ebb, and in view of forecasts of world economic growth of 4.9pc this year, the firm’s operating environment looks promising.

The company’s latest trading update highlighted a solid performance across all regions and a further update is due on Thursday when it releases interim results.

That trading update also reported that it was managing rising inflationary pressures. In Questor’s view, the company’s capacity to pass rising input costs on to its customers is relatively strong. It benefits from exceptional customer loyalty that makes its products relatively “price inelastic”.

As a result, Diageo could provide a degree of protection in an era when inflation in Britain has reached a 30-year high and global inflationary forces have been building over recent months. The stock is included in this column’s Wealth Preserver portfolio for that very reason.

Rising inflation has already prompted the Bank of England to raise interest rates and more of the same seems likely. This could ultimately inhibit Diageo’s profit growth because of its significant net debt, which amounts to 142pc of equity or net assets.