Asia's no thriller for SABMiller

Down under, management blamed stiff competition and a highly promotional market, while in China the problem was volume declines inflicted by poor weather. That hit the natural operational gearing of the business, so that trading profit in Asia Pacific - which accounts for 16 per cent of the group total - slumped 15 per cent on an underlying basis.

Africa and Latin America were the star players. Both are young markets, and consumption is booming as consumers grow richer and drink more beer and soda. In Africa - SAB's home turf - net producer revenue grew 10 per cent on an organic, constant currency basis, reflecting market share gains, growth in the premium lager sector, strong soft-drinks volumes, stronger pricing and a focus on productivity. Premium lager brand Castle Lite was a notable winner, growing volumes more than 20 per cent. 'Extra smooth' and 'chocolate-infused' versions of the drink were popular, too, helping profit for the continent rise 9 per cent to $865m (£550m). In Latin America, revenue was up 7 per cent as punters traded up to more expensive brands, but volumes also grew, boosting profit by 8 per cent to $1.04bn.

Over in North America, SABMiller is focusing on higher-margin premium and craft brews, which currently represent one-third of beer sales in the US. Higher sales of SAB's premium brands, such as Redd's, Blue Moon and Smith & Forge, coupled with cost savings, drove a 100 basis point margin improvement and boosted divisional profit by 7 per cent, despite slightly lower lager volumes.

Group-wide, net producer revenue rose 5 per cent, on 1 per cent volume growth, and trading profit rose 3 per cent to $3.37bn. The reported results were flattered by $285m of exceptional profit following a business disposal in South Africa.

Broker JPMorgan Cazenove expects EPS of 255¢ for the full year, up from 242¢.