Shares of liquor giant Diageo have endured a hangover this year as the pandemic led to widespread lockdowns around the globe, dealing a harsh blow to the on-trade bar, restaurant and other "live" channels such as clubs and festivals.

The shares have staged a decent recovery from the March lows but remain well below pre-coronavirus levels. Full-year headline earnings took a major hit, although much of the impact was from £1.3 billion ($2,4 billion) of non-cash impairment charges.