Danish brewer Carlsberg said its annual organic operating profit grew by 6% – at the top end of its guidance range – and forecast further growth of between 1% and 5% for the current year.
Carlsberg – the world’s third-largest brewer behind Anheuser-Busch InBev and Heineken – reported full-year revenue just ahead of forecasts, although its volumes missed analysts’ expectations.
The company, which makes brands including Kronenbourg 1664 and Tuborg cider, said it was pleased with its results given a “challenging environment” in major markets that had impacted volume growth.
It flagged strong growth for its portfolio of expensive beers in markets including China – commentary likely to be welcomed by investors after an economic slowdown saw drinkers in Carlsberg’s largest market ditch its pricier labels.
For the current year, it forecast a “relatively stable” consumer environment, but warned uncertainty around consumer sentiment remained in Asia and Europe.
Carlsberg reported a 2.8% increase in annual reported operating profit to 11,411 million Danish Krone ($1.59 billion), falling short of analyst forecasts for 11,472 million Danish Krone in a company-compiled consensus.
Read More: Pernod Ricard Cuts Sales Forecast On Poor Outlook For China
