Poor weather across Europe and China saw brewing giant SABMiller’s beer sales by volume fall 1 per cent in the past six months, well below market hopes of a 1 per cent rise.
The brewer of Peroni, Tyskie and Castle said total drinks volumes grew by 1 per cent thanks largely to lager and soft-drink sales in Latin America and Africa.
But analysts said the group had missed targets in Europe, China and Australia and SABMiller shares fell 24p to 3226p.
Chief executive Alan Clark said: “Our total beverage volume growth was impacted by weaker lager volume performance in the second quarter, balanced by strong growth in soft drinks. Financial performance has been affected by ongoing foreign currency movements as well as weaker second-quarter trading conditions in China and Australia.”
Lager sales in Europe were flat at the same level as 2013 with the second quarter weaker, particularly in Poland, Turkey and Italy. UK revenues were better, driven by Peroni sales and some periods of good drinking weather.
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Sales in the Asia Pacific region fell by 1 per cent in value and 3 per cent in volume terms. Australian revenues dropped 4 per cent after May’s austerity budget. In China lager volumes were down by 3 per cent. James Edwardes Jones of RBC said: “this is a weak set of numbers.”Reuse content