Johnnie Walker and Guinness owner Diageo has warned that the speed of the shutdown across the world is hitting the business even harder than before.

The company highlighted several areas which have worsened in the past month following widespread lockdowns across the globe.

They also put on hold a share buyback scheme aimed at boosting the share price and scrapped all advertising and promotional spending for the company's brands, which also include Smirnoff, Captain Morgan and Baileys.

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In a statement released to the stock market, the firm added: "Widespread containment actions put in place by governments across the globe in March, including the closure of bars and restaurants, are having a significant impact on the performance of our business.

"Social distancing measures, including the closure of the on-trade channels, have been introduced in most of our markets.

"We are tracking changes in consumer behaviour during this time and adjusting our plans and resources in response."

In Europe, Diageo also revealed that around half of all sales on the continent are from pubs, bars and restaurants. But with the UK and others closing venues, this has now collapsed, it added.

There has been a boost in sales through supermarkets, but this was cautioned with questions over whether it can be sustained longer term.

Elsewhere, it said: "In mainland China, we are beginning to see a very slow return of on-trade consumption, as restaurants and bars have started to gradually reopen.

"The significant impact on global travel retail, referred to in our February 26 update, has extended beyond Asia Pacific into other markets in March due to a steep drop in passenger numbers, as well as new travel restrictions imposed by many countries."

Sales have also taken a dive in North America, India and two production sites in Nigeria have also been shut.

But despite the difficulties, Diageo said it was donating alcohol to make more than eight million bottles of sanitiser for frontline healthcare workers around the world, along with support packages for bar staff hit by closures.

To cut costs, the business said: "We are stopping A&P (advertising and promotional) spend that will not be effective in the current environment.

"We are also tightly managing working capital and deferring discretionary capital expenditure projects. We are providing an appropriate level of support to our key suppliers and customers to ensure we are strongly positioned for a recovery in consumer demand."

It said: "Given the global nature of the Covid-19 pandemic, and the uncertainty around the severity and duration of the impact across multiple markets, we are not in a position to accurately assess the impact of this on our future financial performance.

"We are therefore withdrawing our guidance on group organic net sales growth and organic operating profit growth for fiscal 2020."

The chief executive of ticket sales app Trainline is taking a 50% pay cut, with the board and management team taking a 20% cut in fees and pay during the coronavirus crisis.

It said the decision comes as they plan to furlough certain teams under the Government's job retention scheme, defer bonuses and pay reviews, along with "revising payment terms with some of our suppliers".

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With ministers telling families to stay indoors and not make unnecessary trips, train travel has fallen dramatically.

The company, whcih has offices in Edinburgh, said: "As the impact of Covid-19 remains uncertain, Trainline will continue to monitor developments closely and adapt our response accordingly.

"Given a significant fall in industry passenger numbers over the past month as a result of the Covid-19 lockdown, we have taken quick and decisive measures to reduce operating costs and cash outflows.

"The group's mitigating actions include effectively pausing marketing and other discretionary spend, introducing a recruitment freeze, deferring bonus payments and pay reviews for staff for... 2020, and revising payment terms with some of our suppliers."

It added that by May all refunds for pre-existing bookings on trains and coaches are expected to be processed for next month.

Clare Gilmartin, chief executive of Trainline, said: "Over the past few weeks, we have worked extremely hard on our customers' behalf to help them through what has been unprecedented levels of travel disruption."

She added: "Trainline is a resilient business and we believe that our prudent action now strengthens us for the long term, positioning us well to return to growth once travel restrictions lift."

The UK economy contracted in February as poor weather impacted the construction sector, according to official statisticians.

The Office for National Statistics (ONS) said UK GDP fell by 0.1% during the month, as it slipped from 0.1% growth in January.

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Economists had predicted that the economy would in fact grow by 0.1% in February.

The ONS said the figures, which cover the period before the spread of coronavirus accelerated across the UK, reflected continued stagnation in the economy.

Declining activity in the construction industry particularly hampered growth, with the sector reporting a 1.7% decline in its GDP for February.

Meanwhile, the services sector was flat, manufacturing grew by 0.5% and the agriculture sector reported a 0.1% decline for the month.

The ONS also revealed that GDP grew by 0.1% in the three months to February, on the back of growth in December and January.

It said growth for the quarter was driven by a positive period for the service sector, although the industry is expected to show a sharp decline in the next set of figures, following the Government-mandated shutdown of pubs, bars and restaurants.

Rob Kent-Smith, head of GDP at the ONS, said: "Today's figures show that in the three months to February, which was before the full effects of coronavirus took hold, the economy continued to show little to no growth.

"Most elements of the services sector grew, though manufacturing continued to decline.

"Construction saw a notable fall in February, as wet weather and flooding hampered housebuilding."

Fran Boait, executive director of Positive Money, said: "There is a risk that as growth figures get worse, the Government will be pressured to relax coronavirus prevention measures to get the economy going again, at the expense of lives.

"Doing so would be dangerous. The Government needs to put the health of the public ahead of the growth of the economy."

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