SABMiller is emerging into the good times as new markets buzz

• SABMiller's beers, including Peroni, have seen a surge in emerging markets

The London-listed firm, whose core brands include Miller, Peroni and Grolsch, earns more than four-fifths of its profits from emerging markets.

It noted that Africa and Asia had fully recovered while high unemployment in mature markets including North America and Europe was holding back any upturn in beer sales.

Chief executive Graham Mackay said beer volumes were growing in Africa and Asia and recovering in Latin America after a tax rise in Colombia, while the western world saw little improvement.

"The outlook is extremely mixed," he said. "Emerging markets are fine although some have been hit by tax but developed markets in Europe and North America are struggling."

His comments came as the brewer, whose other brands include Castle lager, reported adjusted earnings per share of $0.93 (59p) for the six months to the end of September, just ahead of hopes.

The half-year dividend was raised 15 per cent to 19.5 cents a share while group revenues lifted 7 per cent to $14.2 billion.

European profits fell as tough conditions in markets such as Poland, Russia and the Czech Republic hit consumer spending and encouraged downtrading to cheaper brands.

Brewers with big operations in emerging markets, like SABMiller and the world's biggest brewer, Anheuser-Busch InBev, have seen a recovery in beer volumes, while Heineken and Carlsberg, with more operations in developed markets, have struggled for growth.

Analysts at brokerage Collins Stewart, who have a "hold" recommendation on SABMiller's shares, said: "The outlook statement is relatively confident in tone, in contrast to the outlook for its peers, but higher capital expenditure for IT systems and more restructuring will somewhat temper estimate changes."

Paul Hofman at Cheuvreux added: "Overall, a good set of results, encouraging outlook regarding emerging markets and no major surprises regarding the outlook for pricing and inputs."

SABMiller - known as South African Breweries until a merger in 2002 with US-based Miller Brewing - said it would continue to benefit from lower prices for raw materials such as barley until the end of its current financial year and then see a small rise as higher grain prices feed through.

Matthew Webb at JP Morgan Cazenove noted: "The market seems to have assumed that SABMiller is better placed than some competitors to deal with the increase in some commodity costs."

Shares in the brewing group have risen more than 12 per cent this year on prospects of a strong emerging markets recovery.