SABMiller makes good start

LONDON – Brewing giant SABMiller said yesterday that it had made a good start to its financial year with first-quarter performance in line with its expectations at the time of its annual results in May.

When posting a 33 per cent rise in annual earnings in May, the company had warned of modest growth in 2005 after two strong years as competition intensifies in the United States. “The group has achieved a good start to the financial year,” Chief Executive Graham Mackay said in a statement.Analysts said numbers had been better than some expected.”You have got extremely good overall volume growth and pretty much all of the divisions contributing to growth,” said Morgan Stanley Analyst Alexandra Oldroyd.In North America, SABMiller’s domestic sales to retailers (STRs) grew by 1 percent compared to a year earlier amid tough competition and a weak trading environment.On Wednesday, the United States’ largest brewer, Anheuser-Busch, reported a fall in quarterly profits of 9,9 per cent with volumes dropping and costs rising.The beer industry in the United States suffered in recent years as consumer tastes have shifted toward cocktails and wine.Against this backdrop, SABMiller’s North American performance, where it sells brands like Miller Lite and Milwaukee’s Best, looked favourable, said analysts.- Nampa-Reuters”The group has achieved a good start to the financial year,” Chief Executive Graham Mackay said in a statement.Analysts said numbers had been better than some expected.”You have got extremely good overall volume growth and pretty much all of the divisions contributing to growth,” said Morgan Stanley Analyst Alexandra Oldroyd.In North America, SABMiller’s domestic sales to retailers (STRs) grew by 1 percent compared to a year earlier amid tough competition and a weak trading environment.On Wednesday, the United States’ largest brewer, Anheuser-Busch, reported a fall in quarterly profits of 9,9 per cent with volumes dropping and costs rising.The beer industry in the United States suffered in recent years as consumer tastes have shifted toward cocktails and wine.Against this backdrop, SABMiller’s North American performance, where it sells brands like Miller Lite and Milwaukee’s Best, looked favourable, said analysts.- Nampa-Reuters