Accelerating Q2 boosts SABMiller sales in first half
- Half-year net sales rise by 4%
- Volumes in six months to end of September inch up by 1%
- Second-quarter sales increase by 6% thanks to Africa, LatAm
- Trading update brought forward as AB InBev offer deadline draws closer
- For a look at SABMiller's performance on a regional basis, click here
SABMiller brought forward its half-year trading update
SABMiller has reported a healthy lift of its top line in the second quarter, with half-year sales accelerating in the latter three months.
In a trading update today, brought forward from 15 October due to the ongoing offer period relating to Anheuser-Busch InBev, the brewer said net sales in the six months to the end of September were up by 4% year-on-year. A 6% lift in sales in the second quarter signalled an improvement on the 3% increase posted in the first three months of fiscal-2016.
In the six-month period, Africa and Latin America performed well, with sales climbing by 9% and 8%, respectively. Asia Pacific delivered a 4% lift in sales, while Europe came in flat, despite a 3% increase in the second quarter. In North America, however, sales dipped by 1%.
In reported terms, group sales in both the half-year and the quarter fell by 9% due to ForEx impacts.
With only six working days remaining before the deadline for AB InBev to make an offer to SABMiller's shareholders, CEO Alan Clark used the trading update to highlight SABMiller's "unmatched footprint in the growing beer markets of the world".
"We continued to drive strong growth in Africa and Latin America, applying our deep local expertise to markets with favourable long term structural growth dynamics," Clark added. " While adverse currency movements have materially impacted our reported results, we have a strong business with exceptional long-term prospects."
The brewer is set to release full details of its half-year performance on 12 November.
To read SABMiller's trading update, click here.
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