Diageo Plc’s shares surged the most in nearly five years after the drinks maker said it expects to maintain sales growth this year and announced more cost cuts after the sudden exit of its chief executive officer.

Diageo’s annual profits tumbled almost 30 per cent as the embattled spirits company reckons with a global downturn in alcohol consumption.

Diageo is now looking to achieve around $625m in cost savings in the next three years as part of the drinks giant's bid to bolster growth. The change marks a $125m increase from the original $500 in cost-savings plan laid out through Diageo's 'Accelerate' initiative in May.