Revenues up 17% as SABMiller reports 2% rise in lager volumes

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Brewing giant SABMiller, owner of the Grolsch and Miller Genuine Draft brands, today said overall revenues for the third quarter were 17 per cent higher than a year ago, with lager volumes up 2 per cent.

The group, which earns about 70 per cent of its profits from fast-growing emerging markets, said in today’s trading update that sales grew across Latin America but some beer markets in Europe had been affected by “depressed consumer confidence”.

In China, volumes declined 3 per cent, with the brewer blamed on “exceptionally cold and wet winter across the country”, but volumes in South Africa edged up 3 per cent in the face of tough competition and challenging trading conditions.

Phil Carroll, analyst at Shore Capital, said: “Overall, the statement shows a positive organic revenue performance of 8 per cent growth, ahead of our forecast of 7 per cent and we suspect slight ahead of market expectations too.”