Drinks giant tops Most Admired Company awards

Diageo has been named Britain’s Most Admired Company. The company knocked Marks & Spencer off the top spot in the Management Today list, announced in London on Monday night.

In “a particularly brutal game of snakes and ladders,” with many traditional entrants said to be bearing the brunt of difficult economic conditions, Diageo’s success in the list was due to its “emphasis on premium brands and rejection of cheap drinks,” earning the company credibility with governments and pressure groups, said Matthew Gwyther, editor of Management Today.

Paul Walsh, chief executive officer of Diageo was "delighted" with the award, and added, "If I had to pinpoint some of the reasons for our success, I’d say that we have been very dedicated to building a strong brand portfolio and marketing our brands really well. I’d also say that we know this is a team effort and we place a priority on engaging all our people behind our strategy."

Only one retailer featured in the list’s top 10 this year, compared to three last year. But even Tesco, which came in fifth in 2008 has dropped three places from last year, whereas Marks & Spencer and Sainsbury’s have both dropped out of the top 10 altogether.

The Britain’s Most Admired Company list is decided by peer reviews within company sectors and investment analysts, which were completed this summer. Experts were asked to score the company’s quality of marketing, ability to attract, retain and develop talent and quality of goods and services. Awards were given for each of these criteria, with the company with the highest overall score topping the list. Diageo, who came ninth in last year’s list, scored the highest rating of 71.88 this year.

Jane Parkinson 03/12/08