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Diageo stock pops on report of rebound

Ivan Menezes, chief executive officer of Diageo Plc
Bryan van der Beek | Bloomberg | Getty Images

Shares of liquor maker Diageo climbed roughly 3.5 percent on Thursday, fueled by a rebound in business it expects to continue into the coming year.

While the maker of popular spirits including Smirnoff and Johnnie Walker reported a drop in annual profit due to currency volatility, the company also saw growth in both net sales and operating profit according to preliminary results for the year ending June 30.

Diageo CEO Ivan Menezes said he was optimistic about what the past year's results meant for the upcoming fiscal year.

"This is a good set of results delivering what we set out to achieve this time last year and demonstrating our momentum," Menezes said in a release. "These results position us well to deliver a stronger performance in F17."

Diageo is up about 7 percent since Jan. 1.

—CNBC's Peter Schacknow contributed to this report.