SABMiller pumps up third quarter volumes

The big surprise came in Europe where quarterly volumes were flat after forecasts for a continued fall. Growth in Britain and Ukraine helped compensate volume declines in Russia (-7 percent) and the Czech Republic (-7 percent).

The brewer, which earns over 80 percent of its profits in emerging markets, is seeing trading picking up in most markets, including South Africa, Poland, China and Peru while its biggest mature market, the U.S., remains hard going.

The group reported underlying volumes up 12 percent both in Africa and Asia, and up 3 percent in South Africa. Volumes were unchanged in Europe and down 1 percent in Latin America.

However, in the U.S., sales to retailers fell 2.5 percent.