SABMiller hit by ‘deteriorating economic conditions’
SABMiller says the economic downturn is beginning to have a noticeable impact on its operations as consumer demand for its lager brands has tailed off from the start of this year.
In a trading update for the fiscal year ending 31 March, the company said that although lager volume sales were up by two per cent on an organic basis over the same period in 2007, consumer spending had fallen in most of its global markets in 2009.
“Economic conditions deteriorated in the second half and consumer demand has fallen in most markets, particularly in the fourth quarter, according to a company statement. However, it went on to say:“The financial results of the group remain in line with our expectations.