Lager brewer SABMiller saw good growth in lager volumes shipped across most regions in the first half of its financial year.

On an organic basis lager volumes for the six months to the end of September were 4% ahead of the prior year. Soft drinks volumes were 6% higher year-on-year on an organic basis.

Including the effect of acquisitions and disposals, total volumes were up 9% compared with the first half of the prior year. Organic, constant currency group revenue grew by 8% in the half year, with group revenue per hectolitre up by 3% on the same basis, reflecting selective price increases helped by improved brand mix in most regions.

Overall, financial performance for the half year was in line with management's expectations, and a touch better than the 7.5% organic revenue growth expected by Credit Suisse.

Analysts at Jefferies however are pointing out that: "While the company is clearly doing a great job of balancing the price-mix/volume equation, indications of a volume softening, particularly in LATAM, could result in some negative market attention this morning."

JH

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