Brewer SABMiller sees revenue growth held back by cold weather

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Brewer SABMiller has announced a trading update for the quarter ended 30 June (release).

  • Group revenue and group revenue per hl both grew by 2% on an organic, constant currency basis
  • Total beverage volumes on an organic basis were level with the prior year
  • Lager volumes on an organic basis declined 1%, with growth in Latin America and Africa offset by Europe and North America
  • Soft drinks volumes on an organic basis grew by 8% reflecting growth in Latin America, Europe and Africa
  • Depreciation of key currencies against the US dollar will adversely impact reported results
  • The group's underlying financial performance is in line with expectations

Alan Clark, chief executive of SABMiller, commented:

Our first quarter revenue growth was held back by unseasonably cold and wet conditions in many of our northern hemisphere markets, which negatively impacted beer consumption. This was offset by continued growth in our Latin America and Africa divisions.