SABMiller says volumes and revenue rose over full year
In its preliminary full year results for the year ended 31 March 2008, SABMiller said price increases helped it to offset rising costs, post higher volumes and revenues.
SABMiller will report full-year financial results on 15 May 2008. But on 16 April the brewer reported that lager volume grew 11 percent and revenue rose 16 percent in the year ended 31 March. Stripping out acquisitions, however, volume growth was 7 percent for the full year after growth of just 1 percent in the final quarter.
SABMiller admitted that fourth-quarter results were hurt by bad weather in China, strong comparative results in the same period the year before and the impact of input cost increases across the brewing industry.
As was reportedly widely, in the past year, brewers have had to contend with sharp increases in the cost of both barley for brewing, and aluminium for cans.
While the company didn’t separate out its fourth-quarter volume figures, most observers believe that they were little more than flat.
On another note, following the takeover of Grolsch by SABMiller, the brewer announced management changes in April. Rob Snel, currently President of Grolsch International, will replace Royal Grolsch CEO Ab Pasman, who is leaving the company on 15 May 2008. SABMiller said it also appointed Jonathan Timmis as Grolsch’s finance director, replacing Arjan Kaaks.
