On an organic basis lager volumes for the year were level with the prior year, following growth of 2% in the fourth quarter. Full-year soft drinks volumes grew 2% on the same basis.
Consumer demand has been hampered by adverse global economic conditions throughout the year, though some of the emerging markets in which the company operates started to show signs of recovery towards the end of the financial year.
Volumes in the fourth quarter benefited from this trend, as well as being assisted by a weak prior year comparative base and, in some markets, the timing of Easter 2010.
In the second half of the year, SABMiller increased its investment behind key brands and continued to invest in capacity in growth markets. As anticipated, during the second half, the year-on-year beneficial effect of prior year price increases and cost efficiencies gradually decreased, but stronger operating currencies will benefit reported results. The group’s financial performance for the year remains in line with expectations.
Read more from SABMiller’s trading update at this link.
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