6th Oct 2015 06:18
LONDON (Alliance News) - SABMiller PLC Tuesday said that group net producer revenue declined in both the second quarter and first half of its financial year due to unfavourable movements in foreign exchange rates.
The brewer said it had brought forward its half-year trading update as it is in an offer period under the UK Takeover Code, resulting from the bid approach from Anheuser-Busch InBev last month.
The drinks giant said that group net producer revenue in the six months ended September 30 fell 9% on the year before, also falling 9% in the second quarter to the same date, which it said was due to the continued depreciation of its key operating currencies against the US dollar.
On an organic, constant currency basis, net producer revenue grew 4% year-on-year.
Beverage volume increased by 2% in the second quarter and 1% in the first half, leaving NPR per hectolitre up 4% in the quarter and also 4% in the half.
"Growth accelerated in the second quarter of the year, underpinned by our unmatched footprint in the growing beer markets of the world. We continued to drive strong growth in Africa and Latin America, applying our deep local expertise to markets with favourable long term structural growth dynamics. Particular highlights were our very strong lager volume growth in these regions, together with double digit net producer revenue growth in the second quarter in Africa," Chief Executive Alan Clark said in a statement.
"In parallel, our successful premiumisation and mix strategies are generating NPR per hectolitre growth across all our regions. While adverse currency movements have materially impacted our reported results, we have a strong business with exceptional long-term prospects. Our strategic priority of driving superior top line growth through strengthening our brand portfolios and expanding the beer category is showing clear results," he added.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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