SABMiller released its H1 results yesterday

SABMiller released its H1 results yesterday

An analyst has forecast “more normalised” growth in SABMiller's developing markets, the brewer's main source of profit.

Growth in emeriging markets, which account for 75% of SABMiller's EBIT, is still set to be “above average”, Nomura's Ian Shackleton said today (22 November). However, he warned: “We believe this (growth) looks set to be materially slower than historically.”

In SABMiller's first-half results, released yesterday, increased volumes in Africa helped grow EBITA by 15% while profit growth in China pushed Asia-Pacific's EBITA up by 7%. In a conference call after the results, CEO Alan Clark said “we have not seen the impact of any slowdown in our developing markets”. He added: “In Africa and China rates of growth are still relatively strong and absolutely fine to support growth.” 

Meanwhile, Shackleton also said Latin America is on course for a better second half as pressures in Colombia lessen.

He said: “We would expect Peru to remain subdued for the full-year given the excise tax increase implemented in May. However, we believe that underlying trends in key market Colombia should see some improvement in the second half after a mixed first half given social unrest and blockage of roads in the second quarter.”