COMMENT: Hartwall/BBH: warm results may not last
Finnish brewer Hartwall has reported strong first-half results ahead of consolidation into S&N. Hartwall benefited from increased sales at its Russian joint venture, BBH. But although this market has been growing fast for many years, it has recently shown signs of slowing down. Much of the growth this time round was driven by good weather - so S&N must pray for a warm autumn if it is to reap dividends from Russia.
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