Uncertain prospects? You bet.

SABMiller reported in October 2008 that its first-half performance was in line with its expectations, with lager volumes up 3 percent, but quoted deteriorating global conditions as the reason why the prospects for the second were uncertain.

The brewer reported that lager volumes grew 3 percent in the six months to 30 September 2008, although stripping out acquisitions, the growth was "marginal." The company blamed high growth rates last year and softening consumer demand for its relatively flat performance.

"Deteriorating global economic conditions, weakening consumer demand and volatile exchange rates make the prospects for the rest of the financial year increasingly uncertain," SABMiller said in a statement. The company’s shares closed at 983 pence on 1 November 2008, having lost around a third of their value since the turn of the year on fears of a global slowdown.

In the past year, brewers have had to cope with sharp rises in the cost of both barley for brewing, and aluminium for cans. SABMiller is less exposed to aluminium cost pressures than its rivals due to its large presence in emerging markets, where beer is usually sold in returnable glass bottles. The company said that sales growth was assisted in the first half by firm pricing, with revenue per hectolitre growing by more than 5 percent, offsetting the impact of higher input costs. SABMiller is in the process of losing its position as the world’s largest brewer by volume as InBev closes its takeover of U.S. brewer Anheuser-Busch.