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Global Spread and Big Brands Drive Profit at SABMiller

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Global Spread and Big Brands Drive Profit at SABMiller

Global Spread and Big Brands Drive Profit at SABMiller
November 22
15:46 2010

SABMiller, one of the world’s leading brewers with operations and distribution across six continents, has increased reported EBITA by 13% to $2.47b for the six months to September 30th 2010. The growth was 10% on an organic, constant currency basis, as key operating currencies strengthened against the US dollar compared to the equivalent period in the prior year. Profit before tax advanced 13% to $1.69b, including exceptional charges of $285m.

Reported group revenue increased by 7% (4% on an organic, constant currency basis) to $14.24b, benefiting from higher sales volumes and price increases mainly taken in the second half of the prior year. Lager volumes increased 1% on an organic basis with growth in Asia, Africa and South Africa

Graham Mackay, chief executive of SABMiller.

However, in Europe EBITA fell by 4% on an organic, constant currency basis due to volume decline and down-trading. North America EBITA grew 27% as firm pricing and synergies more than offset volume declines.

“In trading conditions which remained mixed across our markets, the group benefited from its global spread of businesses, delivering a strong financial performance. The strength of our brands, which supported price increases taken largely in the prior year, contributed to good revenue growth,” explains Graham Mackay, chief executive of SABMiller. “Cost reductions, driven by lower raw material input costs and further fixed cost efficiencies, helped to finance increased investment behind our brand portfolios and assisted margin enhancement.”

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