Emerging market expansion boosts SABMiller

Beverage giant SABMiller ramped up annual revenue after strong growth in developing markets with lager volumes increasing in all divisions except North America.

The London-based brewer of popular beers Groslsh and Peroni said group revenue increased to $34.48bn in the 12 months March 31st from $31.4bn a year earlier.

Earnings before interest, taxes and amortisation (EBITA) rose 14% to $6.42bn.

Adjusted pre-tax profit climbed to $5.6bn from $5.1bn before while pre-tax profit fell 16% to $4.7bn due to exceptional gains reported last year.

The group, which also makes Coors Lite beer, said lager volumes rose 3% on an organic basis. During the fourth quarter, lager volumes increased to 4% after growth in Asia-Pacific, Africa and Europe outweighed a surprise drop in its biggest region Latin America.

Adjusted earnings increased 12%, with adjusted EPS rising 11% to 238.7 US cents per share.

Acting Chairman John Manser said: "Through a combination of innovation, effective brand development and good commercial execution we continued to develop the beer category and widen the appeal of our products."

"Strong growth in our developing markets was supported by investments in additional capacity, commercial capability and distribution reach."

Looking ahead SABMiller said it expects trading conditions to be broadly unchanged. The group said it would take price increases selectively while unit input costs are expected to rise in low to mid-single digits in constant currency terms.

The full year dividend per share has been increased 11% to 101.0 cents.

CJ