Drinks maker SABMiller has reported a two per cent rise in net producer revenue for the three months to 30 June, despite challenging trading in Africa hitting sales.
On a reported basis, net producer revenue dropped four per cent. The group said this was "due to the adverse translational impact on our results of the depreciation of our key operating currencies against the US dollar".
The company said revenue growth was driven by price and mix realisation. Beverage and lager volumes were in line with the same period in 2015, with soft drinks volumes up two per cent, while other alcoholic beverage volumes were down 11 per cent "driven by a decline in Africa", the company said.
The group is in the process of agreeing a takeover by AB InBev - known as the Megabrew deal - and last night the transaction was given the green light by the US Department of Justice. However, some shareholders are said to be unhappy with the proposed £44 per share proposed price, which could slow the deal down.
"This was another quarter of good underlying momentum for our subsidiaries with continued delivery of our strategic priorities, in particular Europe, South Africa, Colombia, Peru and Australia delivered good growth," said SABMiller boss Alan Clark.
"Our performance was tempered by a more challenging quarter in some markets in the rest of Africa, where volume was negatively impacted by economic volatility and challenging trading conditions. We also continued to face trading headwinds in our associates' and joint ventures' key markets such as China, Angola and the USA."
The company has been forced to sell off a number of its beer brands ahead of the proposed AB InBev takeover - including Peroni, Grolsch and British craft brewer Meantime, which were sold to Japan's Asahi.