DANISH brewer Carlsberg today revealed that sales growth stalled in its key Russian market in the fourth quarter of last year.
The group forecast that as a result operating earnings this year would reach only about 10 billion Danish krona (£1.12bn), down from 9.8bn krona in 2012, and behind consensus market forecasts of 11bn krona.
Carlsberg also scrapped its target for an operating profit margin of 26-29 per cent for eastern Europe by 2015, its last reported margin in the region being 21.7 per cent in 2011.
Carlsberg took over Scottish & Newcastle Breweries’ Russian arm in 2008 as part of a break-up bid of the Scottish company with Heineken of Holland.
But growth has been hit by a Russian government drive to curb alcohol abuse, including excise tax increases and a ban on media advertising.