Last week, SABMiller provided a near-perfect example of the contrasting fortunes of many drinks companies operating in both mature and emerging markets. While Latin America, Africa and Asia (read: China) showed double-digit profits gains for the Peroni brewer’s first-half, the group’s profits fell in North America and Europe on an organic basis.

It’s not a situation that SABMiller’s CEO, Graham Mackay, believes will change any time soon. The brewer appears set to buckle down and ride it out. There are no further “showpiece” cost savings programmes planned for either Europe or the US, according to Mackay, who does not expect the two regions to “remain in the doldrums forever”. For now, opportunistic cost savings and price rises will have to suffice.

In the emerging markets, profitability remains an issue in both Africa and China, despite obvious momentum in the first-half. Latin America has emerged as the powerhouse driving SABMiller’s profits this year. The group must hope that the engine there does not stall.

While deputy editor Chris Mercer was working the home front last week, I was in New York for three days, as a guest of Diageo's. The drinks giant held its latest investor conference in the luxurious Credit Suisse offices off Park Ave on the Thursday. The day before, a select group of journalists was granted access to the majority of Diageo's executive team. Click here for my 'apology' after just-drinks started to look like 'just-Diageo' for a couple of days, then, head here for a round-up of our coverage.

Finally, those of you who worship at the palace of smartphone will be delighted to hear that our mobile site has been updated. Head here for the mobile version of just-drinks - save it to your bookmarks, whydon'cha?.

Until next time...

Olly Wehring
Managing Editor
Web: http://www.just-drinks.com
Email: editor@just-drinks.com
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