Diageo this morning reported pre-tax profit of £2bn for the year to 30 June, down from £2.07bn in the previous year, but ahead of forecasts. The company also said that it expected to double its share buyback programme in 2005/2006 compared to the £710m worth of shares it bought back in 2004/2005. In North America operating profit was up by 11%. Volume grew 4% and Diageo gained share in the United States across all three categories - spirits, wine and beer. In Europe, operating profit grew 3% despite challenging trading conditions and further contraction of the ready to drink segment.