SABMiller’s sales gain momentum
The brewer of Miller Lite and Castle Lager says its revenue rose seven percent in the most recent quarter.
|||London - SABMiller sold 4 percent more lager in its most recent quarter than a year earlier as momentum improved in the second half of its financial year.
The brewer of Miller Lite, Castle Lager and other beers said its revenue rose 7 percent in the quarter ended March 31, with sales volume up 4 percent.
Read: Beer titan's mega-deal a step closer
“We have had a strong year and increased momentum in the second half across all our regions notwithstanding economic volatility and the potential distraction of the AB InBev offer,” Chief Executive Alan Clark said in a statement.
The company gave no update about its pending acquisition by Anheuser-Busch InBev, which is expected to close in the second half of the year.
The $100 billion-plus deal - one of the biggest in corporate history - moved a step closer last week when AB InBev agreed concessions with South Africa, whose competition commission was seen as one of the deal's last hurdles.
The company reported stronger sales in Latin America and Africa, which helped offset weaker results in Europe and North America, where consumers are drinking less of the mainstream lager that SAB and other large brewers sell.
On a reported basis, SAB's fourth-quarter revenue fell 4 percent, due to the stronger US dollar, which reduced the value of overseas revenue.
Reported revenue for the year was down 8 percent. Excluding the impact of currency, it was up 5 percent for the year.
REUTERS