SABMiller serves a mixed brew

The biggest regional gains came from the Asia Pacific region where last year's acquisition of Foster's in Australia boosted trading profits by 265 per cent to $506m (£318m). However, lager volumes on an organic basis there grew by just 5 per cent, much of which reflected stronger sales in India. Indeed, in Australia lager volumes actually fell 13 per cent - after adding in such factors as the termination of some licensed brands.

Still, the group's largest profit generator, Latin America, saw trading profits grow 15 per cent to $920m. While a 4 per cent rise in lager volumes, together with selective price increases, lifted the cash profit margin here from 23.5 per cent to 24.9 per cent. Lager volumes in Europe were boosted by increased promotions and selective lower prices. But this came at a cost, with the expense of product launches and increased raw material costs knocking the cash profit margin back from 17.4 per cent to 15.7 per cent - so trading profit here fell 10 per cent at $516m. Marketing costs also rose in North America, and organic lager sales fell 2 per cent, but trading profits rose 6 per cent to $479m thanks to higher prices and a positive brand mix.

Looking forward, management admits that moderating economic growth in some countries, and no let up in input cost pressures, will make further progress a greater challenge. While comparatives will also come under pressure as the positive effect of recent acquisitions passes through.

Broker JP Morgan Cazenove expects full-year EPS of 238¢ (2012:231¢).