• H1 group net sales up 5%
  • Total beverage volumes rise 1% in six months to end of September
  • “Softer” Q2 lager volumes in China and Europe

 

SABMiller was affected by weaker Q2 trading conditions in China and Australia

SABMiller was affected by weaker Q2 trading conditions in China and Australia

SABMiller has reported a 5% rise in first-half sales, but its Q2 performance was dragged down by tough market conditions in China and Australia.

In a trading update today, the London-headquartered group said that its group volumes in the six months to the end of September rose by 1%. Volumes were helped by a “strong performance” in lager and soft drinks in Latin America and Africa, the company said.

First-half sales in Africa grew by 10%, and by 7% in the firm's Latin America region.

In SABMiller's Q1, the group had seen a 6% rise in sales. In Q2, “top line weakness” in Australia and “softer” second-quarter lager volumes in China and Europe saw group sales grow by 3%, while volumes dipped by 1%.

In Asia-Pacific, SABMiller saw an 8% slide in Q2 volumes and 3% dip in sales. In Europe, Q2 sales fell by 2% and volumes by 1%.

"Our total beverage volume growth was impacted by weaker lager volume performance in the second quarter, balanced by strong growth in soft drinks," said CEO Alan Clark.

“Ongoing foreign currency movements” were partly blamed by Clark for the performance. 

Shares in SABMiller are this morning trading down 1.17% at GBP32.12.

To read the company's full statement, click here.

For a drilldown into SABMiller's numbers, click here.

For an analysis of the post-results reaction, click here.