SABMiller sees profits fall after exceptional gains last year

(Source: Reuters)

Brewer SABMiller has released results for the 12 months to 31 March (release). The company saw profit before tax fall from $5,603m to $4,712m. The firm said that that fall came after exceptional gains last year.

Lager volumes grew by three per cent, with growth in all areas except North America. Looking forward, the brewer said that it expects trading conditions to be broadly unchanged with cash generation remaining a priority.

John Manser, acting chairman, said:

I am delighted to report another year of significant progress and strong results for the group. Through a combination of innovation, effective brand development and good commercial execution we continued to develop the beer category and widen the appeal of our products. Strong growth in our developing markets was supported by investments in additional capacity, commercial capability and distribution reach. Group revenue grew by 10% and the focus on operating efficiencies helped us achieve growth in profit margins.