British-based brewer SABMiller reported Thursday a 27% increase in underlying pre-tax profits and said it was set fair to keep up its momentum through this year despite an uncertain economic outlook.
The group, formerly South African Breweries until it bought the Miller brand last year, said pre-tax profits came to R770-million in the year to March, excluding exceptional items and goodwill amortisation.
The results, which include those of Miller Brewing Company for the last nine months of the year, saw revenue leap by 109% to 9,11-billion pounds in the 12-month period.
Net profit increased to 296-million pounds from 293-million.
”This has been a year of outstanding growth from our businesses in South Africa, Europe and Africa and Asia,” said chairman Meyer Kahn, noting strong operating performances and favourable currency movements.
While the global economic and political outlook remains uncertain, the geographic reach of the business and strong brand portfolio leaves it well placed to continue to deliver value for shareholders, the firm said.
”The acquisition of Miller, an important strategic step for the group, was completed in July. We remain confident that integrating the business into the group and building a platform for growth can be achieved within three years.”
But though it has started to restructure the Miller organisation, ”major benefits will only be evident over time,” it cautioned.
”Our other businesses have all performed extremely well, and it is expected that this momentum will continue into the current year.” – Sapa