Carlsberg 1st Half Revenue Beat Expectations as Volumes Rebounded

By Dominic Chopping

Carlsberg AS on Wednesday posted a forecast-beating rise in first-half revenue after seeing strong growth in most markets.

The Copenhagen-based brewer said it achieved strong growth in western Europe and Asia, partly offset by higher commodity prices and energy costs.

Volumes were slightly up on year in central and eastern Europe, but excluding Ukraine, the company delivered 7% volume growth, it said.

The Copenhagen-based brewer generated revenue of 35.45 billion Danish kroner ($4.85 billion) for the half, against DKK34.18 billion expected in a FactSet poll and compared with DKK28.67 billion in a year earlier.

First-half volumes rose to 64.2 million hectoliters from 59.0 million a year earlier.

Adjusted net profit attributable to shareholders in the half rose to DKK5.06 billion from DKK3.17 billion.

"We're very satisfied with the strong set of results for the first half year in light of the severe challenges stemming from the war in Ukraine, rising commodity prices and energy costs, and the pandemic," Chief Executive Cees 't Hart said.

The company said it will on Wednesday launch its third quarterly share buyback program, amounting to DKK1 billion.

Carlsberg reiterated guidance provided last week, with organic growth in operating profit in a high single-digit-percentage this year.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

08-17-22 0248ET