SABMiller saw FY earnings rise, helped by the performance in developing markets

SABMiller has reported a slip in full-year sales, but growth in its developing markets helped deliver a slight lift in profits as its Europe struggles continued.

Net profits in the 12 months to the end of March rose by 4% to US$3.4bn, the UK-based group said today (22 May). Net sales in the period, which were highlighted in last month's trading update, fell by 4% to $22.3bn. Operating profits in the period were up by 1% to $6.5bn.

Group lager volumes rose by 1% as growth in Latin America, Africa and Asia-Pacific partially offset declines in Europe and North America.

Alan Clark, SABMiller's chief executive said: “We have produced a resilient performance in the face of a number of headwinds, with organic, constant currency EBITA growth of 7% and strong margin improvement.” 

Looking ahead, Clark said: “We will continue to innovate and rejuvenate our products, build on our position in growth markets, and increase the efficiency of our operations.”

Shares in the company were this morning trading up 4.22% at GBP34.03.

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

For a drilldown into SABMiller's performance by region, click here.

Click here for coverage of the brewer's post-results conference call.