South African Breweries (SAB) has announced that beer volumes in South Africa are running slightly ahead of last year. SAB, the world's fifth largest brewer, had reported at the half-year stage that it expected volumes to be more or less flat for the full year.

However, profit growth will be affected by the devaluation of the rand which has fallen by 37% against the dollar over the last year. South Africa accounts for 40% of the group's profits which are denominated in dollars.

To offset its problems in South Africa, SAB has embarked on an ambitious programme of international expansion into markets such as Latin America, Eastern Europe and China.