FDBusiness.com

Fuelled by continued growth in its developing markets, driven by increased capacity, consumer reach and investment in brand portfolios, SABMiller has reported a 4.7% increase in group revenue to $17.6 billion, with profit before tax rising by 7% to $2.4 billion for the six months ended 30 September 2013.

Lager volume grew 1% on an organic basis, with good growth in Africa partially offset by declines in Europe and North America. Reported EBITA margin increase by 60 bps to 23.7%, with an improvement of 80 basis points on an organic, constant currency basis

“We have continued to deliver on the potential of our businesses in both developed and developing markets, with revenue and margin improvements amid mixed trading conditions,” says Alan Clark (pictured above), chief executive of SABMiller. “We have improved the reach of our mainstream brands across most regions, and through initiatives such as the launch of Redd’s Apple Ale in the USA, the momentum behind Castle Lite across Africa, and the increasing appeal of Peroni Nastro Azzurro from Europe to Australia, we are strengthening our premium propositions across the group and evolving our high-end brand portfolios to appeal to an ever wider range of consumers and drinking occasions.”

In Europe, EBITA declined by 1%, including the benefit of the full consolidation of Coca-Cola Icecek in the Anadolu Efes’ results (an 8% decline on an organic, constant currency basis). Revenue grew by 9%, driven by the addition of Coca-Cola Icecek soft drinks volumes, while organic, constant currency group revenue declined by 1%. The revenue decline on an organic, constant currency basis reflected volume led declines in Poland and the Czech Republic, partially offset by volume led growth in Romania, the UK and Slovakia. Reported EBITA margin declined by 190 bps due to the impact of adverse channel and brand mix in Poland.