UK: SABMiller sees volumes come in flat for full-year
Europe dragged on SABMiller's volumes in its latest FY
Organic lager volumes in SABMiller's full-year remained flat in its latest fiscal year, with financial performance expected to be in line with expectations.
The brewer said today (20 April) that consumer demand during the period was hampered by the adverse global economic conditions throughout the year, but noted that some emerging markets have started to show signs of recovery.
SABMiller increased investment behind key brands in the second half of the year and continued to invest in capacity in growth markets.
For the 12 months to the end of March, lager volumes in Latin America grew by 3%, boosted by a growth of 8% in the final quarter.
In Europe however, full-year lager volumes declined by 5% on an organic basis due to the continued weak economic environment and increases in excise taxes in a number of markets.
MillerCoors' US domestic sales to retailers were down by 2.3% year-on-year. Domestic sales to wholesalers also declined 2.3%.
In Africa, continuing lager volume growth delivered a full-year increase of 6% on an organic basis. Soft drinks volumes were up by 4% organically for the year. In South Africa, lager volumes were down 1% for the year in a market that grew slightly. The firm said consumer spending remained “subdued”. Soft drinks volumes declined 2% for the year.
Lager volumes in Asia rose by 7% organically, as full-year lager volume growth in China of 10% on an organic basis was driven by market share gains with stronger growth in the first half. Regulatory issues in India caused volumes to fall by 14% with "some" loss of market share.
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